Sears Holdings laid off 220 employees from its corporate headquarters in Illinois on Wednesday as part of an ongoing restructuring process that includes closing a number of stores, CNBC reports.

What's next: "Coming off a disappointing holiday season, Sears is looking for ways to drive sales and is considering further monetizing some of its other assets, including the Kenmore and DieHard brands, and Sears Home Services," per CNBC.