Sears Canada For Sale? Oct 5, 2005

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A Canadian Press report says recent employment cuts by retailers Sears Canada may indicate that the department store chain is preparing itself to be sold, likely to a U.S. buyer. Retail analysts quoted in the report suggest the chain may also close some stores in preparation for the sale. There is speculation that Sears Holdings Corp., the U.S. retailer that is parent of Sears Canada, wants to sell its 54 percent ownership in Sears Canada. The Canadian Press report says Sears Canada profits have suffered from increased competition from big-box retailers as well as specialty and online retailers.

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