by Ashley Armstrong On San Francisco’s historic Union Square, the Macy’s building has stood proudly for decades. It covers an entire city block and claims the title of the second-largest department store in the United States, a West Coast destination for generations of shoppers. But as San Francisco has been transformed from a working port…
Independent supermarket and hardware store supplier Metcash said strong competition in the groceries sector would keep sales under pressure as it reported a 26 per cent slide in full-year net profit. The company, which supplies groceries to IGA supermarkets, reported net profit of $171.9 million for the year ending April 30, down from $216.5 million in…
(Corrects 10th paragraph to show that Sears Canada will continue to sell home appliances. Previous said the company plans to shift away from that area) By Solarina Ho TORONTO (Reuters) – Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations…
Royal Bank of Scotland is to cut 443 jobs in Britain as the bank moves its team that arranges loans for small businesses to India. The taxpayer-controlled bank said that the roles would transfer to Mumbai, to be included in the groups growing team there, as part of a restructuring designed to cut costs, first…
Sears Canada said on Thursday it obtained court protection against creditors to proceed with a restructuring that will include store closures and layoffs as it seeks to recover from years of declining sales. The Canadian company, which was spun off from U.S. department-store pioneer Sears Holdings in 2012, said it planned to close 59 of…
By Solarina Ho TORONTO (Reuters) – Sears Canada Inc (SCC.TO: Quote) said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in sales due to competition from big-box retailers and online merchants. Like many department stores, the Toronto-based company has…
Telefonaktiebolaget LM Ericsson (publ)ERIC recently announced that it has inked an agreement with Singapore-based power-supply products provider, Flex, to divest its Ericsson Power Modules (EPM) business. The transaction, subject to customary closing conditions and regulatory approvals, is scheduled to close in third-quarter 2017. The deal marks the first exit of assets initiated by the company…
TORONTO Sears Canada Inc. said on Thursday it plans to cut jobs and close stores as it restructures its operations, following years of declining sales as it has lost customers to big-box retailers, more nimble apparel companies and online merchants. The Canadian company, which was spun off from U.S. department-store pioneer Sears Holdings Corp. in…
Sears Canada (SRSC) said on Thursday that it has applied to the Ontario Superior Court of Justice to seek protection from its creditors in order to pursue a restructuring of its business. If granted, Sears Canada says it would like to exit the Companies Creditors Arrangement Act protection as soon as possible in 2017. The…
Sears Canada said Thursday it is seeking court protection from its creditors in order to restructure its business. The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are…