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Sears Cutting Benefits

February 4, 2004
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Sears is planning to cut pay, benefits, bonuses and stock options for salaried employees, according to the Chicago Tribune. These moves are designed to make Sears more competitive with other retailers, such as Wal-Mart. Sears will try to shift some employees from a pension plan into a 401(k) plan, and will cap its subsidies for retiree medical care. A few years ago, Sears was lauded for its high profits and employee satisfaction. Sales have been sluggish.
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