Sears Canada selling Cantrex Group to Nationwide
HTT Staff -- Home Textiles Today, 4/25/2012 2:13:47 PM
Toronto - Sears Canada announced has agreed to sell its Cantrex Group operations to Nationwide Marketing Group, the Winston-Salem, N.C.-based buying group.
The multi-channel retailer bought Canadian buying group Cantrex in 2005 in order to further develop its merchandising, buying and logistics services in the furniture and appliance sectors.
The administrative operations of Cantrex have been housed in the Sears Canada logistics center in Montreal. Sears Canada and Cantrex associates will continue to share the facility, along with facilities in Vaughan, Ontario, and Vancouver, British Columbia, and there will be no immediate impact upon their day-to-day duties, Sears Canada said.
Sears Canada said it will maintain its ownership of Corbeil Electrique, a well-recognized brand in the major appliance retail market.
The transaction is expected to close by the end of the month, the company said.
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