Sears closing another 20 stores

Share
Sears closing another 20 stores

It will remain open as Sears Canada Group closes down 59 of its 225 stores across the country. The company did not give details as to which stores are closing.

The company plans to continue operating throughout the restructuring and said it intends to emerge as a leaner, more focused operation better able to compete in the hyper-competitive retail industry.

The closure of unprofitable stores is part of the retailer's ongoing strategy of "strategically and aggressively evaluating our store space and productivity", the spokesperson said, "and [we] have accelerated the closing of unprofitable stores as previously announced". In the company's first-quarter financial results, released June 13, the retailer reported a year-over-year revenue loss of 15.2 percent for the quarter, but also a 2.9 percent increase in same-store sales compared to first-quarter sales in 2016.

Under the plan, Sears Canada has been authorized by the Ontario Superior Court of Justice to obtain up to $450 million Canadian (US$340 million) in financing to maintain operations throughout the restructuring.

Sears' agreement with Seritage lets it end its leases at unprofitable stores in exchange for payment of one year's rent. But sales continued to decline. The Sears Auto Center will close in late July. Sears is one of them. The specific timing for the store closures has not been determined.

The iconic American department-store chain has buckled under pressure from online competitors, having failed to reinvent its brick-and-mortar experience.

The company said it hopes to exit court protection as soon as possible.

Share

Advertisement

Related Posts

Recent Analysts Ratings Marathon Petroleum Corporation (MPC)
Buy rating has been given by 4 analysts to the company stock whereas 1 given UNDERPERFORM rating to stock and 3 given HOLD rating. The company was maintained on Thursday, March 23 by Scotia Capital. (NYSE:CCK) on Friday, September 30 with "Outperform" rating.

Top Resources for NAHQ CPHQ Exam
This is why it is highly crucial that you go through the exam content outline or exam objectives before you start your study. You don’t need to buy these guides; having one of them is enough to give you all you need to prepare for your test.

Why Gambling Is Better than Sports Betting
Additionally, they can use these versions to practice various strategies to see which one will earn them the best winning chances. These versions give the gambler a chance to sift through the games to find the best one that resonates with their style.

London council evacuates residents amid fire safety concerns
A total of 79 people are either dead or missing presumed dead as a result of the Kensington blaze, according to police. The renovations on the Chalcots estate is anticipated to take between three and four weeks, Gould said.

Moving a motion didn't stop this Australian Senator from breastfeeding in parliament
Waters' motion wasn't without critics, though-aka Twitter trolls who feel Alia should be kept out of the Parliament altogether. Though breastfeeding is a normal and natural process, many women have been shamed for doing it in public spaces.

PGA Tour announces changes to drug testing protocols
He said tour officials saw how the blood testing was administered and whether the actual testing affected performance. Commissioner Jay Monahan said the changes would "better substantiate the integrity of golf as a clean sport".

Ex-Obama homeland security chief to face intelligence panel
FESSLER: Lawson then made the startling admission that she still doesn't know whether her state was among the 21 targeted. Both Arizona and IL past year confirmed that their voter registration systems had been attacked by hackers.

Senate GOP health bill would reshape Obama law
Maggie Hassan says Senate Republicans took a bill that President Donald Trump has called "mean" and made "it even more heartless". Meanwhile, protesters railed against the Senate healthcare bill during a sit-in outside of Mr McConnell's office on Capitol Hill.

Salcedo ruled out of Confederations Cup due to shoulder injury
The Colombian said: "We're human beings so there are certain situations in which we are more affected by words than others". The second game of the day was between Mexico And new Zealand where the "EL TRIO" won the game in latter half of the game.

Former Calgary Zoo gorilla caught breakdancing... again
The 14-year-old received praise for his moves and the sheer happiness he appears to transmit on camera back in 2011. Well, enter Zola the gorilla from the Dallas Zoo . "I don't recall the last time I had that much fun".

© 2015 ExpressNewsline. All Rights reserved.