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Aug 20 Struggling department store chain Sears
Canada Inc reported its ninth loss in 14 quarters as
sales continued to decline.
Same-store sales fell 6.8 percent in the second quarter
ended Aug. 2. Same-store sales at Sears's home and hardlines
business dropped 9.3 percent.
The company blamed the slump partly on a relatively cold
Total revenue fell 12 percent to C$845.8 million, said Sears
Canada, whose sales have declined for six straight years.
The company, which traces its Canadian roots back to the
early 1950s, has lost market share to aggressive U.S. rivals
such as Wal-Mart Stores Inc and Target Corp.
It has eliminated about 3,000 positions since November,
closed many stores and sold several of its most valuable leases
over the past year, including one for its flagship store at
Toronto Eaton Centre.
Hedge fund billionaire Eddie Lampert and his Sears Holdings
Corp said in May they were looking to sell their 51
percent stake in Sears Canada.
Buyout firm Sycamore Partners was considering a bid for
Sears Canada, New York Post reported this month.
Second-quarter operating loss widened to C$64.2 million from
C$5.3 million a year ago, Sears Canada said.
The company reported a net loss of C$21.3 million($19.45
million US dollar), or 21 Canadian cents per share, compared
with a profit of C$152.8 million, or C$1.50 per share, a year
The year-ago quarter's profit included a one-time pre-tax
gain of C$185.7 million.
($1 dollar = C$1.0951 dollar)
(Reporting by Anannya Pramanick in Bangalore; Editing by