Sears Canada to cut 1,200 jobs

[CHIMO]

Toronto — Sears Canada announced late Monday it will cut 1,200 jobs across the country to improve productivity as the big retailer refocuses on its core department store business.

The Toronto-based company first hinted of possible job cuts when it announced the sale of its credit and financial services division in September.

About 800 of the jobs being cut are in administration and support services, while the remaining 400 positions are in-store management and support.

Mr. Power says customer services shouldn't be affected by the moves.

http://www.theglobeandmail.com/servlet/story/RTGAM.20051003.wsearz1003/BNStory/Business/

Sears Canada Announces Change in Ownership of Controlling Shareholder

TORONTO, March 31 /CNW/ - Sears Canada Inc. (TSX: SCC) today announced a change in ownership of its controlling shareholder resulting from the recent merger transactions involving Sears, Roebuck and Co. and Kmart Holding Corporation which formed Sears Holdings Corporation (Nasdaq: SHLD). Sears, Roebuck, the owner of approximately 54.3% of the issued and outstanding shares of Sears Canada, is now a wholly-owned subsidiary of Sears Holdings.

The merger transactions were completed on March 24, 2005. Sears Holdings is now the third largest retailer in the United States, with approximately U.S. $55 billion in annual revenues and nearly 3,500 retail stores, including 2,350 full-line and off-mall stores, and 1,100 specialty retail stores.

Sears Canada is a multi-channel retailer with a network of 122 full-line department stores, 218 off-mall stores, 64 home improvement showrooms, over 2,200 catalogue merchandise pick-up locations, 113 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.

http://cgi.money.canoe.ca/press_release/cnw.html?lang=en&id=20050331130100L4

[getmeouttahere]

1. Chimo, weren't the Sears Canada stores once....

Eaton's stores? I loved Eaton's!

I also like Canadian Tire a lot. How are they doing?

[jim3775]

2. As far as i know, Canadian Tire is doing great

"A new combination shovel and coffee dispenser, only from Canadian Tire"

[CHIMO]

3. Well

Sears used to Simpson's Sears. Simpson's being one of those high class stores like Morgan's. Which Timothy manged to pummel.

Then after Eaton's tanked, I believe that Sears bought some of their stores. But to the best of my recollection they were always competitors. Of course in the mean time Eaton's became Eatons.

Canadian Tire seems to be doing OK. They now have an affinity type card to get points, so I don't use them too much. Now with other big box types around they have some competition but they seem to be doing OK for the time being.