Sears Canada Inc. is betting on using its 60-year-old credit card database, the largest in the country, to create advertising for targeted customers and help return the retailer to profitability by 2014.
Sears Canada Inc., the largest department-store chain in the country, said it will pay a special cash dividend of C$1 ($1) a share following a partial spinoff of the company from its parent last month.
Target Corp. and Wal-Mart Stores Inc. plan to hire tens of thousands of workers in Canada over the next two years, increasing pressure on domestic retailers from Sears Canada Inc. to Canadian Tire Corp Ltd.
Sears Holdings Corp. Chairman Edward Lampert’s selection of himself as the ailing retailer’s fifth chief executive officer in seven years shows the billionaire hedge-fund manager hasn’t taken his critics to heart.
Sears Holdings Corp. said it agreed to buy another 18.6 million shares of Sears Canada Inc. for C$30 each from Pershing Square Capital Management LP funds, or about 17.3 percent of the outstanding shares of Sears Canada. That will give Sears Holdings 97.3 million shares of Sears Canada, or 90.4 percent.
H&R Real Estate Investment Trust’s offer for Primaris Real Estate Investment Trust to form the largest REIT in Canada will probably win approval from investors as a C$106.6 million ($108.1 million) break fee deters rival bids.
Sears Holdings Corp., the retailer controlled by hedge fund manager Edward Lampert, reported first- quarter net income of $189 million after selling stores and said it would partially spin off its Canadian operations.