The Canadian Press - ONLINE EDITION

Sears Canada selling 15% stake in Quebec shopping centre for $33.5M

  • Print

TORONTO - Sears Canada Inc. (TSX:SCC) is selling its 15 per cent minority ownership interest in the Centre commercial Les Rivieres in Trois-Rivieres, Que., for $33.5 million.

Sears says the buyer is Ivanhoe Cambridge, the real estate subsidiary of the Caisse de depot et placement du Quebec pension fund and the owner of the remaining 85 per cent of the shopping centre.

The transaction, subject to customary conditions, is scheduled to close on June 2.

Sears will continue to operate its department store in the shopping centre and Ivanhoe Cambridge will continue to manage the property, Sears said in a statement Friday.

Sears Canada operates retail network that includes 176 corporate stores, 234 Hometown stores, more than 1,400 catalogue and online merchandise pick-up locations, 97 Sears Travel offices and a nationwide repair and service network.

Earlier this week, U.S. retailer Sears Holdings Corp. (Nasdaq:SHLD) said it was considering selling its 51 per cent interest in Sears Canada as the retailer continues with efforts to turn around its business.

Sears Canada is in the midst of its own three-year turnaround plan that intensified when the company began a more aggressive reduction of staff aimed at lowering expenses.

Over the past year, Sears Canada has sold the leases to some of its most prominent locations, many of which will reopen as upscale Nordstrom department stores within the next two years.

Since January, the company has announced it will chop 2,200 employees from its payroll, on top of thousands more that it laid off last year in moves that lowered its overall employee count at the time to about 20,000.

Sears Canada also plans to invest $30 million over the next two or three years, with the money going towards a new inventory management system to replace infrastructure that has fallen behind many of its competitors.

The new technology will provide a clearer picture of what's on shelves at each store, while the company also has other plans underway to enhance its website for a better online shopping experience.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Key of Bart - The Floodway Connection

View more like this

Photo Store Gallery

  • JOE BRYKSA/WINNIPEG FREE PRESS Local-(Standup photo)- A wood duck swims through the water with fall refections in Kildonan Park Thursday afternoon.
  • Marc Gallant / Winnipeg Free Press. Local- WINTER FILE. Snowboarder at Stony Mountain Ski Hill. November 14, 2006.

View More Gallery Photos

Poll

Should political leaders be highly visible on the frontlines of flood fights and other natural disasters?

View Results

View Related Story

Ads by Google