News   Aug 13, 2020
 95     0 
News   Aug 13, 2020
 317     0 
News   Aug 12, 2020
 506     0 

Sears Canada (1952-2017)

  • Thread starter CanadianNational
  • Start date

Admiral Beez

Senior Member
Member Bio
Joined
Apr 28, 2007
Messages
8,643
Reaction score
2,506
Based on my previous experience living in the Maritimes, this typically means there will actually be fewer jobs than that to start, but that 180 is the ultimate goal. With most of these types of arrangements, it plays out as follows:

* Company rolls into town with the promise of a "monorail" (see "The Simpsons").
* Locals froth with lofty expectations of good jobs and better economic conditions.
* Company grabs a bunch of subsidies and tax incentives while paying the lowest wages/benefits they can.
* Company closes up shop and lays everyone off, falling far short of their initial hiring goals and other expectations.
I lived in Fredericton from 2004 to 2007 and well remember this boondoggle, that didn't even get past your third bullet.... http://www.cbc.ca/news/canada/nova-scotia/future-of-board-game-factory-in-doubt-1.625240

I imagine a lot of out of luck folks in the American rust belt voted for Trump with hopes of the monorail.
 

Skeezix

Senior Member
Member Bio
Joined
Apr 25, 2007
Messages
4,343
Reaction score
2,677
Location
East of this, west of that
No kidding - not much of an update at all. So, his plan amounts to keep slashing, which is one of the reasons people no longer want to shop at their under-staffed, aging stores or shop at their website with lack of customer service. The investor quoted in the article describing the plan as a "repackaging of existing information to make it sound like progress" sounds like he knows what he is talking about.
 

Bruno Republic

Active Member
Member Bio
Joined
Feb 20, 2009
Messages
185
Reaction score
77
One bit that did come out of that article is that same store sales are down 10% in the fourth quarter. Can't really disguise those catastrophic numbers.
 

Amare

Senior Member
Member Bio
Joined
Feb 4, 2015
Messages
2,916
Reaction score
2,715
Location
Toronto
Introducing America's worst CEO: Uncle Eddie Lampert

This man an utter embarrassment and it's absolutely shameful how he's single handedly driving this company to the ground. He should just sell off whatever left he owns of Sears Canada so at least that operation can be salvaged.
 

Northern Light

Senior Member
Member Bio
Joined
May 20, 2007
Messages
6,946
Reaction score
7,768
Location
Toronto/EY
From my sources..........Sears is seriously contemplating a 'pop up' store in downtown Toronto.

(yes, I know)
 

Amare

Senior Member
Member Bio
Joined
Feb 4, 2015
Messages
2,916
Reaction score
2,715
Location
Toronto
^I can confirm that this is indeed true and barring any unforeseen circumstances, it is 100% definite. I cant disclose the location, but it will be around the entertainment district.

I'll also add that it will be around for longer than a normal "pop-up" store stay.
 

jje1000

Senior Member
Member Bio
Joined
May 19, 2007
Messages
4,785
Reaction score
2,184
When Sears announced Friday that its fourth-quarter sales have tanked, the company also promised investors that it has a plan to cut costs that will return it to profitability.
http://finance.yahoo.com/news/sears-explosive-rally-confounding-wall-224350771.html

You can't cut your way back to profitability if the main issue is your reputation (dated appearance, no unique products, poor prices & service) and the fact that no one wants to buy your products.

We should start a poll as to guess when Sears enters bankruptcy. I'm guessing the end of the 2017-mid 2018.
 

Skeezix

Senior Member
Member Bio
Joined
Apr 25, 2007
Messages
4,343
Reaction score
2,677
Location
East of this, west of that
Sears two-point uh-oh
Report on Business Magazine, The Globe and Mail, 23 February 2017

"Last March, Sears Canada announced a transformation initiative called Sears 2.0. The idea was to cut costs by shrinking and simplifying stores, while reigniting sliding sales by expanding online offerings. In September, the first revamped store was unveiled north of Toronto. Gone are the dividers between departments—in their place is a new, more open and compact layout. Will the relaunch work? Not if the retailer’s abysmal track record is anything to go by. The chain has been trying to reinvent itself for years, but its sales and share price keep slumping. The irrational exuberance from the top, however, has never flagged."
 

Amare

Senior Member
Member Bio
Joined
Feb 4, 2015
Messages
2,916
Reaction score
2,715
Location
Toronto
A clearance outlet maybe?
Not so much a clearance outlet, but think of it more as a front to showcase the best Sears has to offer. Feel free to interpret that however you want because even i'm not 100% sure what that means.

Can't remember where I saw the WTS (What The Sears) stores but they look pretty nice.
There are 3 of them so far: Mapleview (Burlington), Promenade Mall, and Guelph

To be honest they're renovations that were done on the cheap, I still think those stores are lacking significantly.
 

Top