Solarina Ho
Sears Canada plans to cut jobs and close about a quarter of its stores as it restructures after steady sales declines because of online merchants and big-box retailers.
News of the lay-offs and closures comes two weeks after Toronto-based Hudson’s Bay Co, which owns Saks Fifth Avenue and Lord & Taylor, said it was eliminating 2000 jobs.
And it could be an ominous signal for Australian retailers, such as Myer, Target and David Jones, which are already trying to figure out how stay viable with the pending arrival of American online giant Amazon.
The company, which in 2012 was spun off from US department store pioneer Sears Holdings, said it planned to close 59 of its 225 stores and cu…
Read the full article at: http://www.afr.com/business/retail/fmcg/sears-canada-to-fire-2900-as-it-closes-one-in-four-stores-on-retail-shakeup-20170622-gwwtn2
