Sears to lay off 5,000 workers, close 100 stores

A report in Seeking Alpha Thursday revealed that Sears Holdings was planning on laying off at least 5,457 workers before the holidays, as well as closing more than 100 stores.

Sears spokesman Howard Riefs did not respond to Seeking Alpha's request for comment, though his name was on the bottom of the liquidation sale notices obtained by local media.

According to findings based on inquires with store managers and reporters, the closures will include 46 Kmart, 30 Sears and 31 Sears Auto Center locations, concentrated the most in Pennsylvania, Michigan and Indiana, according to the report.

A subsequent USA Today article reported that a Sears spokesman disputed the accuracy of the Seeking Alpha report. 

The retailer has already closed 96 other locations in the first half of the year, and it has sustained losses of more than $1.8 billion over the last year.

The news is the latest in an ongoing saga of cost-cutting measures, preceded most recently by the retailer's announcement last week that it would lease out seven stores to Primark.

Other money-saving moves have included the divestment of its majority stake in Sears Canada and a short-term $400 million loan borrowed from CEO Edward Lampert's hedge fund.

Earlier this month, Sears also denied claims that its vendors were cancelling shipments.

For a list of store closures, click here.