Sears Canada CEO to step down

Thu Sep 25, 2014 9:29am EDT
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Sept 25 (Reuters) - Struggling department store chain Sears Canada Inc, majority-owned by Sears Holdings Corp , said Chief Executive Douglas Campbell would resign by the end of this year to tend to personal family issues.

Campbell intends to continue until the company names a replacement, but no later than Jan. 1, 2015, Sears Canada said.

The company, whose revenue has declined for six straight years, reported its ninth loss in 14 quarters last month.

Sears Canada, which is facing stiff competition from U.S. rivals such as Wal-Mart Stores Inc and Target Corp, has cut about 3,000 positions since November, closed many stores and sold several leases over the past year.

Hedge fund billionaire Eddie Lampert's Sears Holdings said in May it was looking to sell its 51 percent stake in Sears Canada.

The company's shares, which have fallen nearly 20 pct since then, closed at $12.65 on the Toronto Stock Exchange on Wednesday. (Reporting By Manya Venkatesh in Bangalore; Editing by Joyjeet Das)