Sears Canada sells off Cantrex Group
TORONTO — Sears Canada Inc. has agreed sell its Cantrex Group operations to Nationwide Marketing Group.
Sears Canada will maintain ownership of appliance brand Corbeil Electrique.
Cantrex was purchased by Sears Canada in 2005 in order to further develop its merchandising, buying, and logistics services in the furniture and appliance sectors. Corbeil became part of the Sears portfolio through this purchase and recently Sears has announced its plans to expand Corbeil's operations to the Greater Toronto Area this year.
The administrative operations of Cantrex have been housed in the Sears Canada logistics centre located in Montreal. Sears Canada and Cantrex associates will continue to share the facility, along with facilities in Vaughan, Ontari, and Vancouver, and there will be no immediate impact upon their day-to-day duties, said Sears.
The transaction is expected to close by the end of the month.