(Reuters) – Department store operator Sears Canada Inc SCC.TO SRSC.O reported a quarterly loss, compared with a year-earlier profit, hurt by a 15.6 percent fall in sales.
The company said same-store sales fell 5.5 percent 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 BNS.TO said in October it would buy JPMorgan & Chase Co’s JPM.N Canadian credit card portfolio associated with Sears Canada.
Sears Canada, hit by increasing competition from U.S. retail giants such as …
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