The Canadian Tire logo is seen in Ottawa, Ontario, Canada, February 14, 2019.
Canadian Tire Corp. Ltd. has cut about three per cent of its corporate work force as it responds to softening consumer demand.Posted: Nov 09, 2023 9:58 AM EST | Last Updated: 12 minutes ago
The retailer announced the job cuts in its quarterly earnings on Thursday, and said that on top of the job cuts it has eliminated "the majority of current vacancies" that add up to another three-per-cent cut to its corporate headcount. The company says the moves will cost it up to $25 million in the short term, but lead to long term savings of $50 million.
Canadian Tire comparable store sales fell by 0.6 per cent. SportChek sales were down by 7.4 per cent. Sales at Mark's eked out an increase of 0.2 per cent.
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