Sears Canada races to close stores amidst cost-cutting efforts

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Sears Canada Inc. is closing more stores to cut costs and to bring its full-line department store business back to prominence.

“We want to fix Sears as a mall-based department staore, as a destination for home products in the home stores,” says Brandon Stranzl, executive chairman of Sears.

As sales continue to decline, Sears is adding pressure to CBRE, a real estate firm, to find different uses for the retailer’s weakest locations, such as its clearance outlets. The company will also downsize its internal network as a way to reduce costs.

Currently, Sears owns 10 outlets, 40 home stores, as well as 95 traditional full-line department stores. CJ

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