A report in the New York Post said that Sears Canada Inc. may be sold to a private equity company. The report suggested that the 176-store chain would bring some $2 billion to struggling parent Sears Holding Corp.
Both the equity firm Sycamore Partners and Sears Holdings would not comment to Reuters on the story.
Within the last 18 months, Sears Canada has sold leases to seven stores at high-end shopping centers, including Toronto’s Eaton Centre, bringing in nearly $600 million.
But it has not been enough to overcome continuing negative results. For the first quarter of this year, Sears Canada dropped a net loss of $75.2 million, down considerably from the $31.2-million loss for the same period in 2013. Same store sales fell 7.6% for the period.
