CORNWALL, Ontario – Despite speculation that Sears could be in financial jeopardy, the company recently addressed concerns.
Stating that they are still ‘a viable business that can meet its financial and other obligations for the foreseeable future,’ the company’s Canadian division operates separate from its American counterpart, which has currently undergone some major restructuring.
Sears Canada’s Communications and Public Affairs Executive, Vincent Power says that customers shouldn’t be concerned about closure. “We’ve been operating separately for quite a while now, and most of the concerns don’t relate to the Canadian company,” said Power. “We continue to operate as we always have, trying to be mindful of our own financial health.”
While Canadian stores won’t be impacted by these changes, they have targeted some areas of improvement.
“This past fall, we launched something called Sears 2.0,” said Power. “It’s an extension of Sears Canada, which we envision to be the future of the store.”
Currently, there are four Sears 2.0 stores across Ontario, which hope to improve both flexibility and the customer experience.
In addition to a new logo and style, Power says the store also features a curated and focused assortment of products.
in early 2015, the Cornwall’s Sears was converted into a Sears Outlet in attempts to reduce ongoing expenses. With current efforts to simultaneously conserve and keep with the times, Power says there is no guarantee that any one store is safe from closure.
“We’re doing our best, but I can never say that an individual store will always keep going,” said Power.
Last quarter, the company reported a $91.6 million loss, with a total revenue decline of 15.6 percent, with same-store sales declining by 5.5 percent.
