Thursday, 25 April 2013

News: Sears Canada Considers Options

The Globe and Mail is reporting that at today’s Sears Canada annual general meeting, CEO Calvin McDonald confirmed the possibility that the retailer might sell additional assets as it seeks to increase productivity and streamline operations.

Last year Sears sold back the leases to three high profile stores to landlord Cadillac Fairview, which opened the door to US department store Nordstrom to enter the Canadian market. McDonald said there are no current plans for any additional store closings.

In a further consolidating of its store categories, Sears is eliminating electronics and window coverings, and scaling back on its signature Craftsman hardware line as it focuses on fashion and appliances.

From the Globe and Mail:

“We’re here to remain in Canada to trade and become a relevant retailer,” Mr. McDonald, a former Loblaw Cos. Ltd. executive said in reply to a shareholder’s question. “In that there are non-strategic assets that we own today, if the opportunity is right to create value through those, we will explore those opportunities.”