Sears Canada to Cut Annual Costs by $100 Million

New executive chair Brandon Stranzl of Sears Canada (Toronto) announced a plan to revitalize the struggling company by cutting more than $100 million in annual costs.

The company plans to sell off excess warehouse space and has already sold $28 million in assets.

A primary focus of the plan is to carry more mid-priced brands and grow sales with new merchandise. The Globe and Mail reports that Sears Canada hopes to capitalize on the gap left for mid-price retailers when Target Corp. (Minneapolis) pulled out of the country.