Sears Canada officials said the loss of 700 workers across the country is an attempt to “right-size” and restructure the business.
The job cuts, which come just before Target is about to open the first of 135 stores across Canada, will be from its department stores, distribution centers, head office and support areas.
Electronics retailer Best Buy cited a “transitional plan” to close eight of its Future Shop locations and seven Best Buy big box stores with the loss of 900 jobs, or about five percent of its workforce.
The stores will be replaced with “small-concept web and mobile locations” over the next two and half years, it said.
Retail analysts say electronics stores have been hard hit by declining sales and tough competition from online retailers with better prices.
Sears announced earlier it was closing four of largest stores in Vancouver, Calgary and Ottawa, with those locations being taken over by U.S. retailer Nordstrom entering the Canadian marketplace.
The Ontario Liberals have named Kathleen Wynne to be their next leader and succeed Dalton McGuinty, who quit in mid-term, as Premier.
She will be the first woman premier of Canada’s most-populous province and the first gay leader.
Wynne, 59, defeated runner-up former politician Sandra Pupatello for the job in a third ballot at last weekend’s leadership convention in Toronto.
As the first openly gay premier in Canada, it shouldn’t overshadow her role in governing, Wynne said.
The new leader said she wants to end the “rancor” that divided the Ontario Legislature before McGuinty suspended business and resigned last October.
News in brief
Facts and figures
Canada’s dollar has regained parity with the U.S. currency and was valued at $1.0008 in U.S. funds on Friday. The U.S. greenback returned 99.91 cents Canadian before bank exchange fees.
The Bank of Canada’s key interest rate is 1 percent while the prime-lending rate is 3 percent.
Stock markets are lower, with the Toronto exchange index at 12,752 points and the TSX Venture index at 1,227 points.
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