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Sears Trims HQ Staff, Cuts Prices In Canada

2/16/2012 04:16:27 PM Eastern
Hoffman Estates, Ill. - Sears Holdings laid off 1.6 percent of its corporate workforce today and announced across-the-board price cuts in its Canadian stores.

The actions come just days before the retail chain is scheduled to report its fourth-quarter and full-year financial results next week.

The downsizing affected 100 of the company's corporate staff, a spokesman confirmed to TWICE.   Cuts were made across several departments at headquarters, here, where Sears employs about 6,000 staffers.

North of the border, Sears Canada has lowered regular prices on more than 5,000 items in every department in each of its 196 company-owned stores as part of an enhanced everyday low-price (ELP) strategy.

Calvin McDonald, president/CEO of Sears Canada, said the company would complement the price cuts with weekly sale items and special limited-time promotions, and will improve the shopping experience by doing a better job of matching its in-store merchandising to its sales circulars.

"In order to better compete in a complex and ever-changing retail industry, the company is committed to getting the value right for its customers by delivering the right products in the right quantities at the right prices," the company said.

The changes follow a 7.8 percent drop in third-quarter same-store sales at Sears Canada, which contributed to a net loss for the parent company of $421 million for the three months, ended Oct. 29.

Sears went on to experience a 5.2 percent decline in U.S. holiday sales, and has since begun shutting upwards of 120 Sears and Kmart stores domestically.
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