Sears Canada CEO Admits Slow Progress On 3-Year Plan

About 19 months after taking over as Sears Canada Inc.’s CEO, Calvin McDonald said on Friday he was staying the course with his three-year turnaround plan for the ailing department store chain even though he is not entirely happy with his progress so far.

Last week, the company’s majority owner, Sears Holdings Corp., said the Canadian unit’s performance would likely hold back its own fourth-quarter performance.

“There are areas that I wish were further along in our transformation plan,” said McDonald in an interview. “We still have a lot of work to do.”

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