Sears Holdings Corporation (NASDAQ:SHLD) is looking into the possibility of selling its interests in Sears Canada Inc. (TSX:SCC), it was announced May 14.
The holdings company, which has a 51% stake in Sears Canada, said it will hire an investment banking firm to help in its decision. The alternatives being explored include selling all remaining shares and/or the sale of Sears Canada in its entirety.
This sale could mean the sale of all of Sears Canada’s locations, which include:
- 176 corporate stores;
- 234 Hometown stores;
- more than 1,400 catalogue and online merchandise pick-up locations;
- 97 Sears Travel offices; and
- the chain’s repair and service network.
The board of directors of Sears Canada said it will cooperate fully with any decisions made.
Sears Canada had closed a number of locations and laid off several employees in late 2013. In October, the chain closed four stores across the country, including the Richmond Centre location, and in November it laid off 800 employees, which included 79 staff in Vancouver.
In January 2014, the company announced it would be laying off 1,600 more employees across the country over the next nine months. This came a week after announcing that holiday sales had been below expectations.
