Sears Holdings Corporation

Sears Holdings Corp. is cutting about 200 headquarters jobs as it tries to bring its overhead costs in line with falling sales and stem profit declines. The Hoffman Estates-based retailer notified employees of the pending cuts in a memo recently. The jobs, which are in support functions, represent about 4 percent of Sears' 5,000 headquarters employees. Late last month, Sears unveiled a restructuring that divides the company into a five independently run businesses, a move some investors view as a precursor to eventual asset sales. Sears described the new support units as housing such functions as marketing, store operations, customer strategy and finance. Retailers typically tighten their belts in January and February after a disappointing holiday season.