Sears Canada to sell head office

TORONTO Sears Canada is making a move by selling its head office and surrounding property in Toronto, according to reports.

The 1,400-plus employees will be relocated to the top four floors of the Sears flagship store at the Toronto Eaton Centre.

Company spokesperson Vincent Power said that the store had been underperforming as consumers have stayed away from the upper floors. He believes that the store will be more productive on four floors rather than eight. The move comes shortly after the retailer sold off its corporate jet earlier this year.

A price for the head office sale has not been disclosed, although analysts estimate that it could be worth in the range of $93.8 million USD.