9/25/2013

Sears Canada CEO Calvin McDonald resigned Tuesday, effective immediately, and was replaced by chief operating officer and former Boston Consulting turnaround expert Douglas Campbell. The retailer has already raised $400 million by selling select store leases back to landlords and the abrupt change at the top fueled speculation that more such deals may lay ahead. "Many of Sears Canada’s department store locations would presently be more productively deployed if operated by other retailers," said Keith Howlett, retail analyst at Desjardins Securities.

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