Earlier this month, Sears released a promotional video featuring Mike Myers and his brother, who has been a Sears employee for over 30 years. The comedic commercial pokes fun at Sears’ downfall and flat out talks about how the company is going under. We have all known for a while that Sears’ sales have been slipping and with recent controversy over swastika rings being sold on their website, an employee stealing over $3 million in merchandise and their Canadian CEO, Douglas Campbell, stepping down after only one year, they could really use some uplifting news… Unfortunately, their luck is continuing to slide away.
Today, the once iconic department store announced that compared to the same time last year, their sales have fallen 15% between August and October. Currently, they still have 113 stores still open and have lost $118 million dollars. Stores that have been open for longer than a year have seen a 9.5% decrease in sales. In early October, Sears Canada’s U.S parent, Sears Holdings, reduced its position in the Canadian chain and sold off most of its stake to shareholders, but Sears Canada’s acting chief executive, Ronald Boire, isn’t giving up. “We aren’t going anywhere,” Boire said in a media release earlier this week. Sears has plans to improve their e-commerce strategy in order to win Canadian shoppers back.