April 24, 2012 / 7:28 PM / 6 years ago

UPDATE 1-Sears Canada to sell Cantrex Group operations

April 24 (Reuters) - Sears Canada Inc said it will sell its Cantrex Group operations to Nationwide Marketing Group LLC, but retain ownership of Corbeil Electrique Inc.

The department store chain, majority-owned by U.S.-based Sears Holdings Corp, said last week it will focus on strengths such as appliance and tool sales under its three-year turnaround plan.

Sears Canada has also said it will bring its Quebec-based Corbeil appliance banner to Ontario, with four pilot stores opening during the first weeks of June, July, August and September, respectively.

Cantrex was acquired by Sears Canada in 2005 to develop its merchandising, buying, and logistics services in the furniture and appliance sectors. The buy added Corbeil to the Sears portfolio.

Sears Canada expects the deal to close by the end of the month, it said in a statement.

The company’s shares were trading at C$13.51 on Tuesday on the Toronto Stock Exchange.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below