May 14, 2014 6:55 am

Sears Canada parent puts retailer up for sale

Sears' Eaton Centre store in late February, on the eve of the iconic location's closing.

Carlos Osorio/Toronto Star via Getty Images

HOFFMAN ESTATES, Ill. – Sears is considering selling its Canadian operations.

The retailer, which runs its namesake stores and Kmart locations in the U.S., said that it is looking at strategic options for its 51 per cent interest in Sears Canada.

The Hoffman Estates, Illinois-based company said this includes the possible sale of its stake or the entirety of Sears Canada.

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Sears Canada’s board and management plan to fully co-operate with Sears Holdings as it explores strategic alternatives.

READ MORE: Is Sears Canada planning more fire sales? 

Sears Holdings previously sold some store leases in Canada. Its overall business has been struggling after years of sales declines and it’s been closing some unprofitable locations.

Sears Holdings Corp. recently spun off clothing business Lands’ End as a separate public company after not having much success with it.

READ MORE: Are niche shopping experiences the key to survival in Canada’s crowded market?

© The Canadian Press, 2014

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