The lawn and garden company trims its 2017 profit and sales guidance due to poor sales performance at mass retailers.
The job cuts are part of the ailing retailer's goal to shave $1.25 billion off annual operating costs.
The listing of 6.5% of the company would result in net proceeds of about $330 million.
The network, dubbed Zelle, would allow customers to sidestep a bevy of competing apps from Silicon Valley.
The retailer is expected to close up to one-third of its stores.
