Sears Canada CEO Douglas Campbell has resigned after just one year at the retailer's helm. Campbell will "return to the United States by the end of this calendar year to tend to personal family issues," according to a company statement.
Sears Canada has launched a search for a new CEO. Campbell will remain in his role until a replacement is found, but no later than January 1, 2015.
However, the future of Sears Holdings' (NASDAQ:SHLD) northern operation remains unclear. An auction for the majority stake in Sears Canada proved to be a bust and failed to attract any bids—a key factor in forcing Sears Holdings, parent company of Sears and Kmart, to take out a $400 million loan from company chairman Eddie Lampert, reported the New York Post.
The retailer had hoped to raise $765 million from its 51 percent stake in Sears Canada.
Last fall Lampert sold off a dozen of Canada's best store locations and could be forced to sell off more in the coming months.
-See this Sears press release
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