Sears Holdings Corp. yesterday denied reports that it was talking to bankers about a possible sale of its Sears Canada division.
"Sears Holdings reiterates its October 29, 2013, statement that Sears Holdings will work with the board and management of Sears Canada with a goal of increasing the value of our 51 percent interest and realizing significant cash proceeds to support our transformation and to create value for our shareholders," the company said in the statement.
One way that the company is looking to increase value: cutting labor costs. The Associated Press reports that Sears Canada is laying off close to 800 employees, the vast majority of them in its repair services and parts business.
"Sears Holdings reiterates its October 29, 2013, statement that Sears Holdings will work with the board and management of Sears Canada with a goal of increasing the value of our 51 percent interest and realizing significant cash proceeds to support our transformation and to create value for our shareholders," the company said in the statement.
One way that the company is looking to increase value: cutting labor costs. The Associated Press reports that Sears Canada is laying off close to 800 employees, the vast majority of them in its repair services and parts business.
- KC's View:
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I'm not saying that the employees being laid off deserved to keep their jobs, but it is ironic that Sears Canada thinks that the best way to become a more viable retailing enterprise is to cut back in the areas that could directly impact customer service.
On the other hand, maybe Fast Eddie Lampert has figured out a way to cut your way to prosperity. Because he's clearly figured all the other retailing stuff out…
