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Ronald Boire named as new CEO of Sears Canada

RBR Staff Writer Published 28 January 2015

Ronald Boire has been named as the new president and chief executive of the department store chain Sears Canada, becoming the fourth CEO in nearly four years.

Boire took over as the acting president of the struggling chain in October last year after the resignation of Douglas Campbell.

He had previously handled the roles of the executive vice president, chief merchandising officer and president of Sears and Kmart brands of Sears Holdings Corp in Illinois. He also held senior positions at Toys R US, Best Buy and Sony Electronics.

Sears has been struggling to keep up with falling sales in Canada, reporting its tenth loss in 15 quarters in November.

Speaking to Reuters, Boire said that Sears has stepped up spending on areas such as its website and profitable merchandise categories and is also looking to exit unprofitable product lines as part of its turnaround plan.

The entity's US parent Sears Holdings spoke about reducing stake in Sears Canada last year to 12% from 51% through a rights offering.

Canada is proving to be a tougher market to crack for various top retailers. Recently, Sears' American rival Target closed its Canadian operations completely.

Sears responded to Target's retreat by offering discounts to about 17,600 Target Canada employees for 16 weeks from January 21 and extended invitations for special events such as job fairs across the country.