Sears Canada continues to rise from the ashes and reclaim their name as a household staple for years, however, there is a significant doubt on what the future holds for the company, and whether it will be sold off or reformed. The company mentioned in a statement; “The Company continues to face a very challenging environment with recurring operating losses and negative cash flows from operation activities in the last five fiscal years, with net losses beginning in 2014.”
The company came into business on the 29th of October in the year 2013, at the Eaton Center in Toronto. It has 28 Home stores, 10 outlets and 94 department stores. On the Toronto Stock Exchange, the shares went down by 22 per cent to 89 per cent during noontime trading. In a retail domain being led by Amazon, Sears Canada has failed and is now a relic of a long-gone shopping period where Sears dominated the retail world. Having been through a whole lot of alteration in the past four years, the board executive of the company has been an out-and-out rotating circle.
A deputy professor at the DeGroote School of Business at McMaster University, Mandeep Malik said in spite of the latest efforts to have things changed, Sears Canada has had it coming for about 10 years now, so it was obvious. Malik said; “It was a too-little, too-late kind of story.” The company has not been meeting the needs of the customers in terms of service, costing and selections, and now it wants to fix the loopholes in a highly competitive marketplace.
Sears Canada is still having a positive outlook and looking at a 2.9 per cent climb in same-store sale, which happened amidst a drop in some of its stores. Their yearly meeting has been postponed and scheduled for some other time.