UPDATE 2-Sears Canada CEO quits amid turnaround to join Barnes & Noble

Thu Jul 2, 2015 11:53am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Sears Canada loses 2nd CEO in 10 months

* Barnes & Noble, Sears Canada both struggling with falling sales

* Boire to lead Barnes & Noble after college books unit spin-off

* Sears Canada's loss an "unfortunate event"-retail consultant

* Barnes & Noble shares up 1 pct, Sears Canada flat (Adds background, Sears Canada statement, shares)

July 2 (Reuters) - Sears Canada Inc Chief Executive Ronald Boire will leave the Canadian retailer in the midst of a turnaround to take over the top job at struggling U.S. bookstore chain Barnes & Noble Inc.

Sears Canada will now lose its second CEO since September as the company tries to reverse a trend of six straight years of falling sales.

"I think that this is an unfortunate event for Sears Canada as Ron Boire was starting to build some positive momentum," said Bruce Winder, an independent retail consultant.

Under Boire, Sears Canada in May posted its slowest same-store sales decline in five quarters as his moves to spend more on profitable merchandise categories, its website, and exit money-losing product lines paid off.   Continued...