Sears to Freeze Pay of Salaried Employees
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CHICAGO — Sears, Roebuck & Co., the nation’s No. 1 department store chain, said Wednesday that it has told its salaried staff members that their pay next year will be frozen at present levels.
The freeze, which the company said will be reviewed as conditions warrant, is part of a companywide cost-reduction program and affects about 20,000 employees.
Sears’ sales have been under pressure in recent months. The company said in October that its third-quarter earnings fell to 53 cents a share, down from 75 cents.
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