Sears closes New York design office

Sears Holdings (NASDAQ:SHLD) isn't just closing stores, the company is also shutting down its apparel design office in New York.

The office is scheduled to close in July, according to a filing with the Department of Labor. Approximately 40 positions will be moved to a similar office in San Francisco and the rest eliminated.

"Their apparel business has been so irrelevant for so long," Evercore ISI analyst Matt McGinley told the New York Post. "Increasingly, people don't feel the need to go to Sears to buy their refrigerator and underwear in the same store."

Sears has long struggled with apparel sales and in recent years has been focused on growing online sales and its Shop Your Way membership program.

Sears announced earlier this month it would close 78 stores under the Sears and Kmart banners.

For more:
- see this New York Post article

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