Sears Canada announces sale of Cantrex Group
Sears to maintain ownership of Corbeil Electrique Inc.
TORONTO, April 24, 2012 /PRNewswire/ - Sears Canada Inc. (TSX: SCC) announced today the agreement to sell its Cantrex Group operations to Nationwide Marketing Group, LLC. Sears Canada will be maintaining ownership of Corbeil Electrique Inc., a well-recognized brand in the major appliance retail market.
Cantrex was purchased by Sears Canada in 2005 in order to further develop its merchandising, buying, and logistics services in the furniture and appliance sectors. Corbeil became part of the Sears portfolio through this purchase and recently Sears has announced its plans to expand Corbeil's operations to the Greater Toronto Area this year.
The administrative operations of Cantrex have been housed in the Sears Canada logistics centre located in Montreal (QC). Sears Canada and Cantrex associates will continue to share the facility, along with facilities in Vaughan (ON) and Vancouver (BC), and there will be no immediate impact upon their day-to-day duties.
"We are grateful to all our associates involved with Cantrex over the years, and proud of how the organization has established itself as a leader in the marketplace," states Peter Kalen, Senior Vice-President, Sears Financial and Home Services and Cantrex president. "Nationwide represents the best in the industry and Cantrex fits perfectly with their business. We wish them all the best in the future."
The transaction is expected to close by the end of the month.
Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 285 hometown dealer stores, 30 home services showrooms, over 1,700 catalogue merchandise pick-up locations, 108 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca
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SOURCE Sears Canada Inc.
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