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Sears Canada announced that after just a year on the job, CEO Doug Campbell will step down from the position by the end of the year.
Toronto--Sears Canada announced that after just a year on the job, CEO Doug Campbell will step down from the position by the end of the year.
The company said that it would begin the search for his replacement immediately, and that Campbell will stay on until the new CEO is found but no later than Jan. 1. He will move back to the United States after his resignation to deal with personal family issues, according to Sears.
Before taking the role of CEO in September 2013 to succeed Calvin McDonald, Campbell served as executive vice president and chief operating officer of the retailer.
Sears Canada, which is majority owned by Sears Holding Corp., has seen years of falling sales and revenue as it faces tough competition and continues to lose share in the market.
The parent company has been looking to sell its 51 percent stake in the division but hasn’t found a buyer yet. It also has been selling a number of its leases in high-profile urban shopping areas in Canada to help raise cash.
In its announcement about Campbell’s resignation, Sears Canada said it “remains committed to continue the strategy of optimizing productivity, realizing value from desirable assets, and creating a highly relevant retailer in Canada with a focus on rural and suburban locations.”
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While Sears Canada “remains committed,” analysts have been speculating that parent company Sears Holding Corp. could be the next big retailer to shutter its doors, given its stagnant sales, growing losses, and the recent $400 million loan from its own CEO, Edward Lampert, which he secured with liens on 25 properties owned by Sears.
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