Productivity improvement initiatives to be completed through 2008 are expected, when fully implemented, to result in at least $100 million pre-tax annualized savings, the majority of which is expected to be realized in 2006. These initiatives will include strategic staffing decisions, rationalization of facilities, operational efficiency improvements, and consolidation of merchandise buying offices.
In addition, the Company is conducting a comprehensive review of sourcing and procurement practices to generate improved merchandise margin. An expense of approximately $70 million pre-tax related to the implementation of these initiatives is anticipated to be incurred in the fourth quarter of 2005.
Company will continue to look for additional opportunities that significantly improve performance without impacting their dedication to providing quality products and exceptional customer service - included Mr. Hollister. The decisions they are taking are those they consider necessary in order to increase productivity, remain profitable, and provide acceptable returns to shareholders.
Toronto full-line departmental store operator Sears Canada is a multi-channel retailer with a network of 122 department stores, 217 off-mall stores, 62 home improvement showrooms, over 2,200 catalogue merchandise pick-up locations, 113 Sears Travel offices and a nationwide home maintenance, repair, and installation network.
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