Sears Holdings Corp. formed a joint venture with shopping mall owner Macerich Co., the latest step in the department-store chain's efforts to wring more money from its real estate. The 50-50 venture is taking over nine Sears properties, all of which are within Macerich malls, according to a statement Thursday. As part of the transaction, Macerich contributed $150 million to Sears. The Hoffman Estates, Ill.-based chain will continue to operate the stores involved in the deal. The move is part of a broader effort to raise more than $2.5 billion from Sears’ extensive real estate holdings.
Sears Holdings cut 115 jobs at its headquarters and various corporate support locations as it seeks to reduce expenses in the face of years of losses. Employees were notified Tuesday that 100 positions at the company's Hoffman Estates, Ill., headquarters and 15 positions at other corporate support locations would be eliminated, effective immediately, the company said. The positions span various departments. About 5,500 employees work at the Hoffman Estates offices.