TORONTO – Sears Canada Inc. (TSX:SCC) has signed a deal to sell its Cantrex Group operations to Nationwide Marketing Group as it continues to restructure its operations.
Terms of the deal were not immediately available, however Sears said it would maintain its ownership of appliance retailer Corbeil Electrique Inc., which is a Cantrex member.
Sears Canada bought Cantrex, a buying group that provides merchandising services for hundreds of retail outlets across Canada, and Corbeil in 2005.
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Cantrex deals with suppliers to provide merchandise for 1,200 retail outlets across Canada, under banners such as Furniture Plus and Mattress World.
The company’s administrative operations are based in the Sears Canada logistics centre in Montreal and it shares facilities with Sears in Vaughan, Ont., and Vancouver.
Sears said the sale will have no immediate impact upon Sears and Cantrex employees.
The deal is expected to close by the end of the month.
Sears has been working to revamp its struggling Canadian operations, cutting jobs, decluttering stores and making other transformations.
The company has been testing out four new concept store formats customized to different markets, with pilot projects slated to be opened later this year.
Sears has roughly 30,000 employees across Canada and more than 400 corporate, dealer and home services stores.
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