Sony announced it would close all 14 of its retail stores in Canada. The closures will occur over the next six to eight weeks as the retailer struggles with sliding TV and mobile sales.
"We will redirect all of this business through our national network of Sony retailers, our online store…as well as through our Sony-trained Telesales team," said a company statement, reported The Star.
Sony authorized retailers will continue to offer branded products and will be supported by the company's in-store merchandisers and product trainers so that customers will be fully equipped with all needed information, reported The Star.
The announcement came on the same day that Target (NYSE:TGT) said it would also be closing all of its 133 Canadian stores.
Other retailers that have announced Canadian store closures recently include Dutch-based Mexx, which is liquidating 95 stores by the end of February, reported Canada News. Smart Set announced at the end of last year that it would close 107 stores, and women's clothing retailer Jacob will abandon restructuring efforts and close 92 stores across the country. Not to forget Sears (NYSE:SHLD), which announced it would sell most of its stake in the Canadian unit.
Sony closures will result in 90 layoffs from stores in Montreal, Ottawa, Quebec City, Vancouver, Toronto and Alberta.
Sony is coming off of a bad 2014, that was marked by a hack of its computer systems and a tough year for revenue. Last February, the company announced it would close down 20 U.S. retail stores and slash 1,000 jobs as it struggles to stay afloat in the highly-competitive consumer electronics market.
-See this The Star article
-See this Canada News article
Can 3D printing save RadioShack?
Can RadioShack re-invent itself, again?
RadioShack reports $112 million loss, confirms new financing
Best Buy reports dismal holiday sales, shares tank
Best Buy hopes to counter showrooming with new holiday ads