Hey there, time traveller!
This article was published 18/7/2012 (1440 days ago), so information in it may no longer be current.
TORONTO - Sears Canada is closing the doors to another of its department stores in Calgary.
The retailer said Wednesday it will move out of the Deerfoot Mall, located near the city's airport, by the end of October. The property will be returned to the landlord.
The move comes as Sears Canada (TSX:SCC) pushes ahead with a revamp of its operations by cutting jobs, slashing prices and decluttering its stores, in response to the entry of several new U.S. retailers into the Canadian market.
The company announced in March that it will close three high-profile department stores in Vancouver, Calgary and Ottawa by the end of October, affecting some 670 jobs.
But president and CEO Calvin McDonald said the recent closures shouldn't be interpreted as a death knell, as the company is testing out four new concept store formats customized to different markets.
All associates working in the Deerfoot store will be offered continued employment with the company.
The retailer said the lease for the store expires next year, but it had the opportunity to exit the agreement sooner.
"While we had no additional plans to close stores, this agreement provides us with the ability to focus on areas in which we can improve and grow," said McDonald, who took the lead role last summer to help reverse the company's recent losses.
"In the past few months we have made significant investments to make sure we're operating in the formats where we trade most effectively."
The company, which is 92 per cent owned by U.S. retail giant Sears Holdings Corp., has 196 corporate stores, 285 hometown dealer stores and more than 1,700 catalogue merchandise pick-up locations across Canada.
It also operates 108 Sears Travel offices and a country-wide home maintenance, repair, and installation network.
In December, its U.S. parent company announced plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holiday shopping season.
Shares of Sears Canada were unchanged at $10.30 on Wednesday morning at the Toronto Stock Exchange.