TORONTO ? Under pressure to resuscitate its business as Target enters the Canadian market in March, Sears Canada Inc. announced it was laying off 700 employees Thursday.
The cuts will come from the retailer?s full-line department stores, which will see 360 employees cut or about or two to four per store on average, 300 from distribution centres, and the remainder at head office other support areas. The reductions are spread across the country.
?This is part of our initiative to right-size the organization which is working in concert with other initiatives to make Sears successful,? spokesman Vincent Power said in an email.
The news comes amid a tough winter for the Canadian department store chain, which has struggled to define its position in the face of competition from Walmart and the Bay, the latter of which has poured in capital and upped its brands to redefine its image as a higher-end chain.
On Christmas Eve, Sears Canada?s chief financial officer Sharon Driscoll abruptly left the organization.
In January, majority owner Sears Holdings said fourth-quarter adjusted earnings before taxes, depreciation and amortization at Sears Canada will be about half the level of last year?s fourth quarter of US$97-million. Same-store sales, a critical retailing bellwether, slid 5.8% in the nine weeks ended Dec. 29. Final fourth-quarter and year-end results will be made public on Feb. 27.
Sears Canada has seen its annual sales and profits fall since 2006.
Source: http://business.financialpost.com/2013/01/31/sears-canada-cutting-700-jobs-across-country-report/
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