Sears lays off 220 employees at corporate headquarters: CNBC

(Reuters) - Struggling retailer Sears Holding Corp <SHLD.O> has laid off 220 employees from its corporate headquarters in Hoffman Estates, Illinois, effective immediately, CNBC reported on Wednesday.

The job cuts impacted various business units and roles across the retail organization, CNBC said, citing a company spokesman.

The moves are part of the department store chain's ongoing restructuring plan, announced earlier this month, to streamline operations and get back to profitability, according to CNBC

RELATED: Sears locations closing in Jan. 2018

13 PHOTOS
Sears locations closing in Jan. 2018
See Gallery
Sears locations closing in Jan. 2018

Alabama

  • 1701 Mcfarland Blvd E, Tuscaloosa, AL

(Getty)

Arkansas 

  • 5111 Rogers Avenue, Fort Smith, AR
  • 4201 N Shiloh Drive, Fayetteville, AR

(Getty)

Arizona

  • Fiesta Mall, Mesa, AZ

(Photo by George Frey/Getty Images)

Colorado

  • Greeley Mall, Greeley, CO

(Photo by George Frey/Getty Images)

Georgia

  • 8020 Mall Pkwy, Lithonia, GA
  • 1709 Baytree Road, Valdosta, GA

(Photo by George Frey/Getty Images)

Massachusetts 

  • Berkshire Mall, Pittsfield, MA

(Photo by Scott Olson/Getty Images)

Maryland

  • 7885 Eastern Blvd, Baltimore, MD

(Photo by Richard Levine/Corbis via Getty Images)

New Jersey

  • 1200 Us Rt 22, Phillipsburg, NJ

(Photo by John Greim/LightRocket via Getty Images)

Pennsylvania

  • 2999 E College Avenue, State College, PA
  • 300 Lycoming Mall Circle, Pennsdale and Muncy, PA
  • 2334 Oakland Ave, Indiana, PA

(Getty)

Texas

  • 4000 Sunset Mall, San Angelo, TX
  • 4600 S Medford Dr, Lufkin, TX

(Photo by George Frey/Getty Images)

Utah

  • 754 S State Street, Salt Lake City, UT

(Getty)

Virginia

  • 114 Southpark Circle, Colonial Hts, VA

(Photo by George Frey/Getty Images)

Wyoming 

  • 1400 Del Range Blvd, Cheyenne, WY

(Photo by Scott Olson/Getty Images)

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Sears could not be immediately reached for comment.

The company has been shutting stores and cutting jobs aggressively in a bid to turn a profit in 2018 after six years of losses.

Earlier this month, the company said it was closing 103 unprofitable Kmart and Sears stores.

Once the largest U.S. retailer, Sears is saddled with $3.3 billion in debt and is trying to boost liquidity after warning last March that it had doubts of continuing as a going concern.

Shares of the company fell 2.5 percent to $2.59 in afternoon trading on Wednesday. They had tumbled more than 60 percent in 2017.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D'Silva)

Read Full Story