Sears Cuts of Jobs Means it Doesn’t Qualify for Tax Breaks

Associated Press

HOFFMAN ESTATES, Ill. (AP) – Officials of the Illinois Department of Commerce and Economic Opportunity say Sears Holdings’s elimination of 400 jobs means the company no longer qualifies for state tax breaks.

Sears Holdings Corp. announced Tuesday the job cuts are part of its previously announced plans to save $1.25 billion in costs a year.

Most of the job cuts are at its Hoffman Estates headquarters. Commerce and economic opportunity spokeswoman Jacquelyn Reineke says the state plans to review Sears’ records “to ensure taxpayers are not on the hook for an out-of-compliance agreement.”

Sears spokesman Howard Riefs declined to say how many employees work at the headquarters. However, he said Sears recently fell below the 4,250 jobs it was required to maintain for the EDGE tax breaks.

The 2011 state tax deal gave Sears credits worth an estimated $15 million a year for 10 years. To get the credit, Sears had to invest in the state.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Follow us on Twitter | Like us on Facebook

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS St. Louis

Shop KMOX Apparel
KMOX Podcasts
High School Spotlight

Listen Live