The store seems to be out of touch with the retail needs of shoppers in 2014. A quick search in Google News will result in numerous articles about Sears' struggles and about how it is currently exploring selling a majority stake of its shares after having already sold a large portion of its assets last year.
The Metrotown location will see a redevelopment initiated by Sears on the massive site that it owns and occupies there.
If it does move out of Brentwood Mall, what might we see taking up shop in the 3 level space the Sears currently occupies? That part of the mall site is expected to have a relatively "quieter" commercial square which will likely include a supermarket.
Related articles below
Globe and Mail
Struggling department store chain Sears Canada Inc reported its ninth loss in 14 quarters as sales continued to decline.
Same-store sales fell 6.8 per cent in the second quarter ended Aug. 2.
Same-store sales at Sears’s home and hardlines business dropped 9.3 per cent.
The company blamed the slump partly on a relatively cold spring.
Posted: Friday, August 22, 2014 12:00 am
HOFFMAN ESTATES, Ill. - Sears Holdings said Thursday its loss widened significantly in the second quarter and announced it may close additional stores on top of the 130 closures already under way this year.
Sears lost $573 million, or $5.39 per share, during the quarter that ended Aug. 2, nearly three times the loss of $194 million, or $1.83 per diluted share, during the same period last year. Adjusting for one-time items, its loss was $313 million, or $2.87 per diluted share.
It is the ninth consecutive quarter that the once-mighty retailer has reported losses as it attempts to transform itself from a traditional department store into a member-centric shopping service driven by its Shop Your Way rewards program.
Revenues also continued their eight-year tumble, down 10 percent to $8 billion for the quarter from $8.9 billion last year, largely because of the loss of Lands' End business after that company spun off from Sears earlier this year, as well as having fewer Sears and Kmart stores in operation, weak performance in Sears Canada, and a decline in sales in existing stores.
The results missed expectations on Wall Street, where analysts on average had estimated a loss of $2.63 per diluted share and revenue of $8.13 billion.
Efraim Levy, an equity analyst at S&P Capital IQ, said he was disappointed by Sears' estimates that its store closures will lead to $1 billion in sales losses and only $25 million in improved profitability.
"With all the money they are losing, you'd think they have more losses that they could get rid of by closing certain stores," said Levy, who has a strong sell opinion on Sears Holdings shares. In better news, Sears was able to reduce its pension obligations, which frees up cash.
"You won't (see) a profitable Sears on the scale that the company is currently operating. They have to slim down a lot to get back to profitability."