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Sears cuts 220 jobs in Illinois

Sears Holdings Corp. laid off 220 employees in its home state of Illinois as part of the department store operator's restructuring plan to return to profitability, CNBC reported Jan. 31, citing a company spokesman.

The news came less than a month after the retailer announced 103 Kmart and Sears store closures in 2018.

A spokesman told CNBC that Sears is aiming to realize $1.25 billion in annualized cost savings through its restructuring plan.

The report added that the company will offer severance pay and transition assistance to affected employees.