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Suburban Chicago-based Sears announced today that it's little buddy north of the border, Sears Canada is closing three stores by November this year. The profit gained from this sale of the centers in Vancouver, Ottowa, and Calgary is a hefty $172.3 million. That chunk right there which is the equivalent to the 2005 Sarasota County, Florida tax revenues is really going to bulk up Sears' starving coin purse. All this commotion comes as no surprise taking into account that Sears Canada's Q4 profit fell by more than half.
· Sears Canada to Close Three Stores [Financial Post]