Sears Canada Ceo Resigns As Company Works On Turnaround

CANADA STOCKS-China data helps keep TSX steady; BlackBerry flat after bid

Already in: Americas (5): USA (defending Olympic gold medalist), Mexico (2013 FIBA Americas champion), Puerto Rico, Argentina, Dominican Republic. Europe (7): Spain (host country), France ( 2013 Eurobasket champion ), Lithuania, Croatia, Slovenia, Ukraine, Serbia. Oceania (2): Australia (2013 FIBA Oceania champion), New Zealand. Asia (3): Iran (2013 FIBA Asian champion), Philippines, South Korea. Africa (3): Angola (2013 FIBA Africa champion), Egypt, Senegal. The four remaining spots will be awarded at FIBA’s central board meeting Nov. 23-24 in Buenos Aires, and while there are plenty of viable candidates, the wild-card entries come with an expensive price tag: Each wild card must pay 500,000 ($674600) no small fee, especially for national teams without a huge budget. China is almost a guarantee. With nearly just as many people playing basketball in China as there are people in the USA, it makes sense for FIBA to bring China to Spain, and China is willing to pay the fee. Canada is an option, too. As the country develops its young talent (Tristan Thompson, Andrew Wiggins, Andrew Nicholson, Anthony Bennett, Kelly Olynyk among others) and becomes more competitive on the international scene, playing in the World Cup is important for Canada’s future.

People walk past the main Sears store in downtown Vancouver, British Columbia February 23, 2011. Retailer Sears Canada Inc posted a 28 percent drop in its quarterly profit, hurt in part by lower demand for appliances. REUTERS/Andy Clark

Retailer Sears Canada Inc posted a 28 percent drop in its quarterly profit, hurt in part by lower demand for appliances. Credit: Reuters/Andy Clark Tue Sep 24, 2013 8:46am EDT (Reuters) – Sears Canada Inc’s (SCC.TO) Chief Executive Calvin McDonald has resigned just as the department store chain restructures amid intensifying competition from U.S. retailers such as Target Corp (TGT.N) and Wal-Mart Stores Inc (WMT.N). Chief Operating Officer Douglas Campbell has been promoted as CEO with immediate effect, Sears said, adding McDonald is joining an international company it did not identify. The Globe and Mail newspaper, citing sources familiar with the situation, said the departure was sparked over differing views with U.S. parent Sears Holdings, controlled by investor Edward Lampert. The disagreement was tied to “the pace at which capital was being deployed to keep the momentum of the transformation going,” the newspaper quoted the source as saying. Sears Canada, 51 percent-owned by Sears Holdings Corp (SHLD.O), announced a three-year plan in 2012 to reclaim lost market share that included making radical changes to its pricing strategies and sprucing up stores. The company posted its 18th quarterly fall in revenue in the second quarter. Sears Canada also closed two high-profile stores in the Toronto area and sold back the leases earlier this year. McDonald told Reuters in January that he was not entirely happy with the company’s progress in the 19 months since he took the top job. Campbell joined Sears Canada in March 2011 from Boston Consulting Group, where he led turnaround projects, and was named COO last November. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sreejiraj Eluvangal and Sriraj Kalluvila) Tweet this

Sears Canada CEO Calvin McDonald Resigns

Federal Reserve’s policy direction. Smartphone maker BlackBerry grabbed much of the Toronto market’s attention after it signed a tentative deal to be acquired by a consortium led by its biggest shareholder, Fairfax Financial Holdings Ltd, for $4.7 billion. BlackBerry stock, which was down nearly 7 percent in early trading, rebounded after news of the deal and ended the day at C$9.08, unchanged from Friday’s closing price. On Friday, the company said it will report a huge quarterly loss and cut more than a third of its global workforce. Fairfax closed up 1.1 percent at C$420.45. More generally, the market was encouraged by a slew of surveys that showed a burst of new orders for businesses in China and Europe, suggesting a rebound in those economies. In Germany, Merkel began trying to persuade her center-left rivals to keep her in power after her conservatives notched up their best election result in more than two decades but fell short of an absolute majority. The market remained focused on the Fed’s next steps after the U.S. central bank surprised markets last week by keeping its stimulus program fully in place. “Overall the tone is positive,” said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver. “There’s a lot of money on the sidelines. We’ve been telling our clients to get in.” The biggest gains were recorded in the telecoms sector.

Will Canada, Russia miss out on 2014 FIBA World Cup?


ET Sears Canada CEO Calvin McDonald Resigns Text By Judy McKinnon Sears Canada Inc. (SCC.T) said Tuesday that Calvin McDonald has resigned as president and chief executive to take a position with an unidentified “leading international company.” The big Canadian retailer said Mr. McDonald will be succeeded by Douglas C. Campbell, who joined Sears Canada in March 2011 and has been executive vice-president and chief operating officer since last November. Mr. Campbell’s appointment is effective Tuesday. The management change comes a little more than a month after the Toronto-based subsidiary of Sears Holdings Corp. (SHLD) said it would cut 245 head-office type positions. Those cuts were on top of the 700 jobs the retailer had already cut across Canada earlier this yaer. Sears Canada is in the midst of a three-year transformation plan to reposition itself in the competitive Canadian retail landscape. In the second quarter, its most recent, Sears Canada earned 152.8 million Canadian dollars ($149 million), or C$1.50 a share, fueled by a big gain. Excluding the gain, the retailer posted a loss on lower revenue and a 2.5% drop in same-store sales.