New Sears CEO taking chain back to basics

Halfway through a critical three-year revival plan, Sears Canada Inc. is apparently happy to still have a pulse.

TORONTO – Sears Canada Inc will stick to its three-year turnaround plan, Chief Executive Calvin McDonald said on Friday although he conceded he was not entirely happy with the company’s progress in the 19 months since he took the top job. Last week, the department store chain’s parent, Sears Holdings Corp, said the performance of the Canadian unit would likely hold back its own fourth-quarter results. “There are areas that I wish were further along in our transformation plan,” McDonald said in an interview. “We still have a lot of work to do.”

Calvin McDonald to replace Dene Rogers as president, CEO at Sears Canada

Pre-holiday sales and profit tumbled at Sears Canada Inc., according to a report from parent company Sears Holdings Corp., which reported the sudden exit of its chief executive late Monday. Sears Canada acknowledged that its fourth-quarter adjusted earnings before taxes, depreciation and amortization will be about half the level of last year’s fourth quarter of US$97-million. Same-store sales, a key measure of retail performance, slid 5.8% in the nine weeks ended Dec. 29.

Former Loblaw executive Calvin McDonald to replace Dene Rogers as president, CEO immediately

TORONTO — With news from its U.S. parent about lower sales and operating earnings at Sears Canada in the critical holiday quarter, the future looks increasingly grim for the Canadian department store chain as rival Target Canada gets ready to open stores here in two months.

The layoffs are part of changes outlined last month by new chief executive Calvin McDonald, who has a three-year plan to turn around the flagging retailer

New Sears Canada CEO Calvin McDonald is shaking things up in the retailer's suburban markets