Sears Canada to close stores, cut jobs in restructuring: Reuters
Sears Canada Inc said it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in its sales due to competition from big-box retailers and online merchants, Reuters reported. Existing lenders have agreed to provide up to $450 million in interim financing to help the company controlled by U.S. billionaire hedge-fund investor Eddie Lampert focus on selling discounted designer labels and low-priced clothing. About 78 percent of Sears Canada shares are held by Lampert and others close to the company. Sears Canada has total liabilities of $1.1 billion as of April 29, according to financial disclosures.
22 June 2017•2 mins read
