CANADA: Sears Canada cuts 700 jobs
Retailer Sears Canada is laying off 700 workers across the country as part of moves to "right-size" the company and restructure its business.
The majority of workers are from the company's full-line department stores, with around 360, or 2-4 people per store on average, losing their jobs.
Some 300 workers will be laid off from its distribution centres, while the remaining are from head office and support areas. The reductions are spread across the country, the retailer added.
"This is part of our initiative to right-size the organisation, which is working in concert with other initiatives to make Sears successful which are assessing our strengths and core competencies and evolving our business model accordingly (for example our Buffalo and Aldo initiatives announced earlier in January) and identifying opportunities for non-strategic businesses," Sears Canada said in a statement.
The retailer managed to halve its third-quarter losses in November after favourable comparisons with the year-ago period helped offset a 6.8% fall in sales.
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