Sears Canada is closing both its flagship location in Toronto’s Eaton Centre as well as four other locations. As the company has been shredding assets and cutting jobs in an effort to turn around its struggling operations, this involves closing most of their most prominent locations and reducing the number of employees. As part of a three-year turnaround plan to respond to the intense competition within the retail sector, they’re hoping that lowering their expenses will improve Sears Canada’s overall business.Sears Canada’s struggle in maintaining its company is a perfect example of the effect of new entrants entering the market. Since new entrants such as Nordstrom and Target are coming to Canada, Sears is one of the several retailers fighting to stay aflotat. In such a broad sector like retail departments, companies that are succeeding are the ones that are moving along with the latest trends. Take Hudson’s Bay Co. for example, which in the past few years has taken in higher luxury brand companies, along with young and trendy brands like Topshop and Free People, reforming the company’s overall image. Sears Canada’s major issue is that nothing has changed. With brands, people and trends changing all the time, not being able to keep up with change evidently leads to falling behind in the battle.

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http://www.vancouversun.com/business/Sears+Canada+close+Richmond+Centre+flagship+Eaton+Centre+store+Toronto/9096618/story.html