Sears Holdings Corp. (NYSE: SHLD) is laying off 300 corporate workers as it responds to the souring economy but some were in Michigan and New York City.Since April the company has laid off nearly 6% of its corporate workforce in addition to store closings 22 stores over the past few months.
Still, there could be more to come. Barring a remarkable turnaround, the company will continue to lose market-share to companies such as Target (NYSE: TGT), Wal-Mart (NYSE: WMT) and Best Buy (NASDAQ: BBY). The economy is making Sears' problems worse but the issues run far deeper than that.
If the stock price continues to sag and the returns on equity continue to be abysmal. Chairman Eddie Lampert could take drastic measures to salvage his investment. Remember: He's a hedge fund manager not a retailer. With the stock currently trading at about one-half its book value, he has to pondering his options.
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