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Sears Stock Hit A New Low

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President Trump's controversial executive order over the weekend is dominating headlines, so Sears Holdings Corp (NASDAQ: SHLD)'s 12 percent decline is perhaps going unnoticed by some.

Sears hit a new all-time low since its merger with Kmart more than 10 years ago at $6.36 on Monday and the stock has now fallen 30 percent since last Wednesday.

A Business Insider report noted that Kmart is in the process of notifying employees their service is no longer needed at many stores that will remain open beyond the spring season.

Kmart and its parent company made it clear it will be closing more than 100 stores, but it's unclear why Kmart is firing employees at some of the nearly 700 stores that have yet to be targeted for closures.

A source close to the matter told Business Insider the cuts affect most of the stores and includes full-time workers, assistant store managers, front-end leads, background leads and others.

The Business Insider report added that some employees are claiming on various message boards that their stores will be left with a skeletal staff. At least one store's floor is riddled with an accumulation of boxes, according to photographs provided to Business Insider.

A sign on one of the boxes even read, "Pardon our dust! We are in the process of transitioning the sales floor to a new look."

 

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