Special Report

Companies Cutting the Most Jobs

7. Intel Corp.
> Job cuts: 5,350
> Number of employees: 106,700
> 1yr. share price change: +35.66%

At the start of 2014, after poor earnings and growth forecasts, Intel announced it would implement cost cutting measures. Part of the measures included plans to reduce its global workforce by 5,350 people, or 5% of its headcount, throughout the year. According to Intel spokesperson Chris Kraeuter, the cuts would primarily consist of “people retiring, redeploying, or leaving voluntarily.” In addition, the chip maker announced in April that it was shutting down its assembly and test operations in Costa Rica. While this eliminated 1,500 jobs, Intel continued to employ more than 1,000 engineering, finance, and human resources workers in the country.

6. Sears Holdings
> Job cuts: 5,400
> Number of employees: 249,000
> 1yr. share price change: -9.32%

While layoffs are not always a sign of weak revenue, retail holding company Sears has been closing stores and shedding employees for years as a result of faltering sales. The company reported revenue of $36.2 billion for the 12 months through February 1, 2014, down by more than $3.6 billion from the previous period. According to Challenger, Gray, & Christmas, Sears announced in October 5,400 job cuts, the sixth largest compared with other U.S. public companies. However, Sears is closing stores so fast that it may be difficult to keep track. In 2014, the company closed 235 stores, most of which were Kmart locations. The layoffs were announced at a time when most retailers were hiring workers for the holiday season. As of the beginning of 2014, Sears had roughly 226,000 U.S. employees, including part-time workers.

ALSO READ: Cities Where Crime is Soaring

5. Coldwater Creek
> Job cuts: 5,500
> Number of employees: N/A
> 1yr. share price change: -92.84%

Women’s apparel retailer Coldwater Creek filed for bankruptcy in April after it was unable to find a buyer for its operations. Shareholders in the company were wiped out as the company began the process of closing its 350 stores and laying off its 5,500 workers. However, there may be a silver lining for at least a few employees. As part of bankruptcy proceedings, other retailers bought a number of Coldwater Creek’s leases. While most employees may be out of luck, customers may be able to soon buy Coldwater Creek merchandise again. Private equity firm Sycamore Partners bought the Coldwater Creek brand name. The new owner relaunched the brand as Coldwater Creek Direct, an online retailer that aims to sell women apparel via a catalog.

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.