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Sears Canada profit dips 3% in Q4
Toronto -- Sears Canada Inc. reported Wednesday that profit for the fourth quarter dipped 3% to $38.8 million on weakened hardware and electronics sales.
Revenue fell 5% to$1.25 billion in the period, and same-store sales dropped 3.8%.
Parent Sears Holdings Corp., which cut its stake in Sears Canada from 90% to 51% last year, said in January that Sears Canada's fourth quarter adjusted earnings would fall by about half. -
Sears Canada lays off 700 employees
New York -- Sears Canada is letting go of 700 workers as part of a plan to "right-size" the operation.
The lay-offs will include 360 department store associates and about 300 distribution center workers, as well as some head office personnel.
Sears Canada, majority-owned by Sears Holdings Corp., has falling sales. It is also facing major competition by Wal-Mart Stores and Target, which is set to make its Canadian debut this spring.