TORONTO — Sears Canada (TSX:SCC) is laying off nearly 800 employees across its operations as it moves ahead with a multi-year plan to reduce operating costs.
Information on the layoffs was supplied by a source familiar with the company’s plans. Sears itself did not respond immediately to a request for comment.
The move comes as the retailer looks for more ways to improve its financial results after having earlier sold several department store leases in the face of heightened competition.
Earlier this month, Sears Canada posted an enlarged net loss of $48.8 million or 48 cents per share — mainly due to severance and restructuring costs. The company said the net loss included $20.2 million for severance, and that filtering out the extra costs it would have reported a profit.
Sears has already closed some of its big city locations in Western Canada and has announced plans to vacate other large stores, including its flagship downtown Toronto location.
The company still has more than 100 stores as well as an online and catalogue business.
- The Canadian Press