Sears to cut about 200 jobs

Hoffman Estates, Ill.-based retailer Sears Holdings will cut approximately 200 headquarters jobs in an attempt to bring its overhead in line with falling sales, according to the Chicago Tribune.

The retailer notified employees of the pending terminations Tuesday in a memo from interim CEO W. Bruce Johnson. The support position jobs represent about 4 percent of Sears' 5,000 headquarters employees, Sears spokesman Chris Brathwaite told the Chicago Tribune.

The cutbacks come on the heels of the Sears plan to restructure its retail groups into independently run entities, which was announced last month.