Wednesday, April 23rd3.0°C
21104

Canadian retailers shed 1,600 jobs

Major Canadian retailers Best Buy Canada and Sears Canada announced layoffs totalling some 1,600 on Thursday, a move analysts are blaming on the popularity of online shopping and the shrinking demand for supersized brick-and-mortar stores.

Sears Canada (TSX:SCC) says it's letting go 700 workers across the country in a bid to "right-size" and restructure its business. About 360 jobs will be from its department stores, and another 300 will be from its distribution centres. The remaining will be cuts to head office and other support areas.

Meanwhile, electronics retailer Best Buy also confirmed that it will close eight Future Shop and seven Best Buy big box stores across the country as part of a "transformational plan" to replace them with small concept web and mobile locations over the next two and half years.

The closures will result in 900 job losses, around five per cent of its workforce, according to the company's Canadian head office in Burnaby, B.C.

Retail analyst John Winter says layoffs following the frenzied Christmas shopping season are commonplace.

"February is the cruelest month in retail because you find out how you've done in the holiday season," he said. "It's cyclical."

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14555.97+62.29
S&P CDNX1004.887.67
DJIA16514.3765.12
Nasdaq4161.458+39.912
S&P 5001879.55+7.66
CDN Dollar0.9062-0.0007
Gold1284.60+4.00
Oil102.15-2.22
Lumber336.70+1.40
Natural Gas4.734-0.005

 
Okanagan Companies
Pacific Safety0.105-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.21-0.06
Cantex0.05+0.005
Anavex Life Sciences0.385-0.005
Metalex Ventures0.080.00
Russel Metals31.17+0.47
Copper Mountain Mining2.380.00
Colorado Resources0.26+0.005
ReliaBrand Inc0.11+0.03
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02

 





FEATURED Property
1775957165 Swick Road
4 bedrooms 4 baths
$7,400,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...

_



20956

21368


Member of BC Press Council


20728