Sears Canada Inc plans to cut more than 1,600 jobs, or more than 7 percent of it workforce, this year as it reorganizes and outsources some of its business, the struggling department store operator said on Wednesday.Sears Canada, controlled by Sears Holdings Corp, said it signed an agreement with IBM Corp to take over work currently handled internally, a move that affects 1,345 jobs at three call centers over the next nine months.A further 283 jobs will immediately be cut in a related reorganization of its logistics unit, including some streamlining of its business processes.The news comes just days after the U.S. parent company reported a steep 7.4 percent plunge in sales at established stores during the fourth quarter.
Sears Canada Inc. (Sears) is a multi-channel retailer. Shares of SCC traded higher by 0.08% or $0.01/share to $12.91. In the past year, the shares have traded as low as $8.84 and as high as $19.89. On average, 87767 shares of SCC.TO exchange hands on a given day and today's volume is recorded at 41742.
Sears Holdings Corporation (Holdings) is a retailer with 2,172 full-line and 1,338 specialty retail stores in the United States operating through Kmart Holding Corporation (Kmart) and Sears, Roebuck and Co. Shares of SHLD traded higher by 2.92% or $1.04/share to $36.70. In the past year, the shares have traded as low as $34.21 and as high as $67.50. On average, 1621880 shares of SHLD exchange hands on a given day and today's volume is recorded at 2448930.
Source
