Sears, Roebuck & Co.

HOFFMAN ESTATES, Ill. — The market on Friday cheered a move by Kmart parent company Sears Holdings to cut 700 positions from the appliance departments at 225 stores. Shares of Sears Holding advanced $2.67 on Friday to close at $74.03 after news of the layoffs was reported Friday morning by the Wall Street Journal.

HOFFMAN ESTATES, Ill. — Sears Holdings announced that it has reached a license agreement with Dorcy International, which will allow Dorcy to sell DieHard-branded alkaline/rechargeable batteries and flashlights to retailers in the U.S., Puerto Rico and the Caribbean.

WASHINGTON — Sears Holdings VP tax James Misplon testified on behalf of the National Retail Federation, urging Congress to focus on jobs and the economy as lawmakers explore options for corporate tax reform.

Misplon testified before the House Ways and Means Committee this morning during a hearing on how corporate tax reform can encourage job creation. Sears Holdings is an NRF member and Misplon chairs the NRF Taxation Committee.

HOFFMAN ESTATES, Ill. — Sears Holdings has announced the winner of its "Tu Empresa, Tu Futuro/Your Company, Your Future Business" grant competition, which provides grants to Hispanic small business owners.

The four $5,000 grants were awarded to:

• Tayde Aburto, The Hispanic Chamber of E-Commerce

• Jennifer Burrell, The Frock Shop

• Elizabeth Tarpley, Targeted Tech Solutions

• Kristen Harris, Party Palette

HOFFMAN ESTATES, Ill. — Sears announced that it has created a list of perfect Father's Day gifts with the help of its mySears community and Facebook fans. The company polled its consumers and yielded more than 700 responses to determine the ultimate "Gift Guy'd," the company reported.

Hoffman Estates, Ill. — Sears Holdings announced that Sam Solomon has joined the company as SVP and president of its tools business.  Solomon is responsible for developing and driving growth and profit opportunities for one of the company's cornerstone businesses, the company reported.  He was recently CEO and president of The Coleman Company Inc.  

Hoffman Estates, Ill. — Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in an SEC filing.

Collins will remain with the company until June 10 in order to ensure a smooth transition, Sears noted in the filing.

Hoffman Estates, Ill. -- Sears Holding Corp. reported Thursday that it recorded a bigger-than-expected loss in the first quarter as its shoppers cut back on spending. The chain said it lost $170 million, compared with net income of $16 million in the year-ago period.

The retailer had cautioned earlier in May that it expected a first-quarter loss due mainly to a drop in appliance, clothing and consumer electronic sales.