Sears to cut 300 jobs from Canadian unit

Sears Canada said Friday it cut about 300 workers across the country as the large retailer struggles with falling consumer confidence and braces for weaker sales. Canada's second-biggest department store chain, which is majority owned by Sears Holding Corp., said half of the layoffs would be in its Toronto headquarters with the remainder in its repair services across the country. The 300 jobs rep less than 1% of its total workforce of 35,000 people. "It's public knowledge that 2009 looks like it is going to be a tough year in a tough economic climate and we are just preparing for that," said Sears Canada spokesman Vince Power.The company is set announce its quarterly results on Feb. 25. Sears Canada shares were up 1.1% at C$19.47 on the Toronto Exchange. Earlier this month, privately held department store chain Hudson's Bay Co. cut 1,000 jobs as it looked to slash costs amid the economic downturn. HBC said the cuts rep about 5% of its overall, full-time workforce &, when combined with other cost-cutting moves, should lead to annual savings of C$150 M ($118.9M) in 2009.