Sears is slashing more jobs to cut costs

Sears said Tuesday it's cutting 400 jobs at corporate offices as it works towards a goal of reducing costs by $1.25 billion in fiscal 2017.

The cuts will primarily affect workers at Sears' headquarters in Hoffman Estates, Illinois.

The move comes one week after the retailer revealed it was closing 65 more Sears and Kmart stores, in addition to the 180 closures announced earlier this year.

Sears has also been eliminating store-level positions this year, as well as slashing hours for its part-time workers.

"We are making progress with the fundamental restructuring of our operations that we initiated in February," Sears CEO Eddie Lampert said in a statement Tuesday. "We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization."

The company said it has achieved $1 billion in cost cuts so far this year and is on track to meet its goal of $1.25 billion in savings by the end of the year.

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