Everecore: 'People Don't Feel The Need To Go To Sears To Buy Their Refrigerator And Underwear In The Same Store'

Sears Holdings Corp (NASDAQ: SHLD) recently announced a fresh round of store closures affecting its Sears and K-Mart stores. However, it appears that the company's CEO Eddie Lampert is shutting more than just unprofitable stores.

According to the New York Post, Sears Holdings plans on shutting down its New York-based apparel design office. The office, which employees 154 workers, will close in July and roughly 40 of the positions will be transferred to an office in San Francisco.

Related Link: After Latest Round Of Store Closings, What's Left Of Sears?

The move to shut its apparel design facility has received initial praise from analysts. According to Evercore ISI's Matt McGinley, the apparel business has been "so irrelevant for so long."

"Increasingly, people don't feel the need to go to Sears to buy their refrigerator and underwear in the same store," the analyst told the New York Post.

Shares of Sears were trading lower by around 1 percent late Tuesday morning.