Eaton's to exit Canadian market
Staff -- Home Textiles Today, 2/21/2002 12:00:00 AM
Toronto — After being part of the Canadian retail landscape for 133 years, the department store founded by Timothy Eaton will cease to exist when the remaining seven outlets are converted to full-line department stores flying the Sears Canada banner.
The conversions will be completed by the end of July 2002. There will be no wide-scale liquidation, and all stores will remain open during the conversion process.
Sears Canada, this country's largest single retailer, acquired 19 locations from the now defunct T. Eaton Co. in 1999. The 12 stores that were converted to Sears at the time are unaffected by this decision. "These stores are profitable and are performing at or above expectations," said Mark Cohen, chairman and ceo.
"A number of reasons led to this decision," he continued. "We are focused on near-term retail market weaknesses as well as longer-term changes in customers' spending habits, wants and needs. These observations coupled with Eaton's lack of critical mass suggest that this change should take place now."
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