January 31, 2018 / 8:42 PM / 8 months ago

CORRECTED-Sears lays off 220 employees, mainly at headquarters -CNBC

(Corrects headline and paragraph 1 to show layoffs did not affect only headquarters)

Jan 31 (Reuters) - Struggling retailer Sears Holding Corp has laid off 220 employees primarily at 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. (http:/cnb.cx/2GynOWp)

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)

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