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.”
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.
Sears Canada laid off 800 more employees on Tuesday, the bulk of the cuts falling at the troubled retailer’s parts and service repair businesses, according to sources.
The company, which has been shedding assets, outsourcing non-core operations and selling back leases to landlords in a bid to raise cash, reportedly informed roughly 90 head office employees and more than 700 home services workers of the terminations in day-long meetings.
Stylish ex-Sears Canada chief executive Calvin McDonald has been named president and CEO of beauty retailer Sephora Americas.
The move, rumoured after Mr. McDonald abruptly left the Canadian department store chain last month, puts the one-time Loblaw executive known for his marketing prowess in charge of the French beauty giant’s more than 330 outlets in North America and Latin America, and within stores at 400 JC Penney locations in the U.S.
He succeeds David Suliteanu, who has led Sephora since July 2000.
TORONTO – Sears Canada Inc. presents an intriguing, if difficult, proposition for an industry headhunter: How can the shrinking retailer’s board lure a talented executive to helm a business whose industry prospects look dim and which has now seen four chief executives leave in the last four years?
Sears Canada Inc., which has been getting out of unproductive stores by selling its leases back to landlords in this robust time for retail real estate in Canada, announced Wednesday that it is selling its stake of a mall in Medicine Hat, Alta. for $43-million.
TORONTO • Sears Canada’s move to sell five plum urban locations back to its landlords for $400-million should ensure the retailer posts a profit this year, but it raises serious questions about the department store chain’s future in this country’s rapidly evolving retail landscape.
The move announced Tuesday capitalizes on the desire of multiple retailers — Nordstrom and Simon’s among them — to secure prized and limited retail space in Canada’s top shopping malls, including the jewel anchor lease at Toronto’s Eaton Centre.
Sears Canada Inc. inked another land deal Monday to expand land near one of its Calgary stores into a residential high-rise complex, with an option for additional retailers.
Similar to a 2013 deal involving land adjacent to its Sears store at Metropolis at Metrotown in Burnaby, B.C., the retailer will hold on to its retail operations in the North Hill Shopping Centre and sell a 50% interest in the site to developer Concord Pacific Group for about $15-million. The two will operate the development as co-owners.
Soheil Khojasteh walks through the Sears Canada Inc. department store in Toronto’s Eaton Centre without a second glance at men’s shoes on sale for 40% off, gold earnings marked down 65% and signs declaring “Everything Must Go!”
“I don’t shop at Sears for clothes to be honest, I just shop at Scotch & Soda and Club Monaco,” the 24-year-old dental student said yesterday, referring to the boutique stores at the downtown mall in Canada’s biggest city. “I don’t think Sears has what I look for in terms of my style.”