In the midst of being sold by its U.S. parent company, Sears Canada Inc.’s Douglas Campbell, has stepped down from his role as CEO.
Campbell has held the position for one year and is leaving for personal family issues. He will continue on in the role until Sears Canada finds a replacement, but will not be staying past Jan. 1, 2015.
During his time as Sears Canada CEO, Campbell has cut jobs, outsourced some operations and sold leases of key stores back to their landlords, including its flagship Toronto Eaton Centre location, in order to raise money.
Sears Canada “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.”
Sears Holdings Corp. said in May that it is “exploring strategic alternatives for its 51 per cent interest in Sears Canada, including a potential sale of Sears Holding’s interest or Sears Canada as a whole.” It went on to say that Sears Canada will “cooperate fully with Sears Holdings in this process to achieve value for all shareholders.”
