Sears Holdings Corp., formed by the merger of Sears, Roebuck and Co. and Kmart Holding Corp., is initiating new practices to cut costs and keep up with competitors. At least 500 employees have been laid off at the company headquarters this week and changes in compensation are coming as well. The company announced that pay would increasingly be tied to individual performance and company profitability.
See "Sears will tie workers' pay to its profits", Becky Yerak, Chicago Tribune, April 28, 2005