Sears Canada to Close More Stores
By Ambia Staley
January 26, 2016There's a bit more unfortunate news in the Canadian retail front this week, as Sears Canada Inc. announced plans to close more stores in an effort to cut costs.
The news is just the latest in Sears' attempts to turn around the struggling company. The retailer closed some of its stores (including their flagship location in Toronto's Eaton Centre) back in 2014, and recently announced plans to close select Sears and K-Mart locations south of the border. Sales for the company have been on the decline over the past few years, with an exception of a 0.4% increase in the third quarter of 2015.
Brandon Stranzl, executive chairman of Sears Canada has said that Sears is determined to turn around core business and remain in as many locations as possible, but doesn't rule out additional closures or downsizing in the future. Stranzl's goal is to fix Sears as a "mall-based department store" and Sears Home as a "destination for home products" -- however he also noted that this statement doesn't save all department store or Home locations for being on the chopping block.
At the moment, there is no final decision about which specific stores will be see their doors close. Stranzl has noted that it would be inappropriate to talk about specific store locations until "all arrangements are finalized."
Are you a regular Sears shopper? What are your thoughts on this latest cost-cutting effort from the company?
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