Sears Holdings Corp.’s latest round of layoffs include several e-commerce executives.
Stephan Zoll
Sears, No. 19 in the 2017 Internet Retailer Top 500, announced on Tuesday plans to eliminate 400 full-time jobs in a move it says will save $1.25 billion per year. In an 8-K filing with the U.S. Securities and Exchange Commission that same day, it reported that president of online Stephan Zoll will be leaving the retailer as of Thursday. Zoll joined Sears a year ago this month after spending more than nine years at eBay Inc., most recently as vice president and managing director, according to his LinkedIn profile.
Also leaving the financially troubled retailer are president of apparel David Pastrana and Eric Jaffe, who headed up the Shop Your Way loyalty program. A Sears spokesman says the retailer is still determining who will handle their responsibilities.
The layoffs come just weeks after Sears reported a $244 million profit during the first quarter of its 2017 fiscal year, the first time it had turned a quarterly profit since 2015. Despite that, Sears has been unable to stem the tide of declining overall sales. During the first quarter of 2017, Sears reported total sales of $4.301 billion, down 20.3% from $5.394 billion during the same period last year.
According to Top500Guide.com, Sears did an Internet Retailer-estimated $3.150 billion in online sales in 2016, down 10% from $3.5 billion in 2015 and 25% below the retailer’s five-year high of $4.2 billion in 2013.
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