Sears struggles to fit the way people shop FINAL EDITION, C

When Sears officials acknowledged Friday that they were considering further job cuts in their efforts to streamline the 525,000-person company, industry experts said the cuts probably must number in the thousands before Sears will gain sufficient savings to remain competitive. Much of that pressure...

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Bibliographic Details
Published inChicago tribune (1963)
Main Author Marianne Taylor and Stephen Franklin
Format Newspaper Article
LanguageEnglish
Published Chicago, Ill Tribune Publishing Company, LLC 19.08.1990
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Summary:When Sears officials acknowledged Friday that they were considering further job cuts in their efforts to streamline the 525,000-person company, industry experts said the cuts probably must number in the thousands before Sears will gain sufficient savings to remain competitive. Much of that pressure comes from Sears' stock price, which has fallen in the last year from a high of nearly $47 a share to a low Friday of $28.87 on the New York Stock Exchange, $10 a share lower than its "book value" of about $38 a share. Based on Friday's price, Sears, with about 343 million shares outstanding, has a public-market value of about $10 billion, although its private-market value would be several billion dollars higher. One of them, Sandy Timmermann, 45, of Chicago, typifies the customer whose loyalty is acknowledged even by critics as one of Sears' strengths. "I only buy Sears appliances," Timmermann said, and she always returns to Sears "because they have better products."
ISSN:1085-6706