Sears Canada to close three stores

AP News
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Posted: Mar 02, 2012 2:17 PM
Sears Canada to close three stores

Sears Canada Inc. is shutting the doors of three high-profile department stores in major Canadian cities, affecting some 670 jobs, as the retailer tries to turn around flagging profits.

The retailer said Friday that locations in Vancouver (British Columbia), Calgary (Alberta) and Ottawa (Ontario), will close by the end of October.

President and CEO Calvin McDonald said closing these locations provides an attractive financial benefit for the company.

Sears Canada has laid off about 470 employees in the past few months, decluttered stores and has made other moves to attract customers in a competitive Canadian retail market.

The sale of the three department stores follows a similar strategy made by its U.S. parent company in an attempt to shore up cash reserves.