Sears Canada Inc posts loss as sales fall 15.6%, retailer plans higher cost cuts

Department store operator Sears Canada Inc reported a quarterly loss, compared with a year-earlier profit, hurt by a 15.6 per cent fall in sales.

The company said same-store sales fell 5.5 per cent as traffic for big-ticket items such as major appliances fell due to termination of a credit card agreement and lower-than-expected sales of new merchandise launched in spring.

Bank of Nova Scotia said in October it would buy JPMorgan & Chase Co’s Canadian credit card portfolio associated with

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