Main Menu
Home
In the News
Special Contributors
Special Report - Bedding
Sponsors
Events Calendar
Classifieds
Advertising
Contact HGO
Home
follow-on-twitter
Merchandiser Fall 2014
Merchandiser Summer 2014
2014 Product Guide
Research Store

Canada Counts
CanadaCounts-Badge-Sept2012.fw
A survey of Canadian buying intentions.
Purchase Report

 

Syndicate
Sears sells Cantrex to Nationwide, keeps white goods specialist Corbeil PDF Print E-mail
Written by Michael J. Knell   

TORONTO (25 April 2012) - In a long anticipated announcement, Sears Canada will sell Cantrex Group to Nationwide Marketing Group, the largest furniture, mattress and appliance buying group in the United States. However, Sears will retain ownership of appliance specialist Corbeil Electrique. The acquisition is expected to close at the end of the month.

Nationwide is already the largest furniture, mattress, appliance and electronics buying group in the United States with some 3,000 independent members enjoying annual retail sales of roughly US$12 billion. At the end of Sears Canada's last fiscal year, Cantrex had 799 members operating about 1,200 outlets, with estimated retail sales of C$2 billion.

Like Cantrex, the Winston-Salem, North Carolina, based Nationwide is a non-member owned service provider.

In a statement, Nationwide noted it has enjoyed a long-standing collaborative relationship with the Cantrex's senior management team and believes this agreement will prove to be an excellent opportunity to further increase the group's scale, improve efficiencies and enhance member services.

"Adding billions of dollars to our buying power with the stroke of a pen is a good thing for our members and another exciting step in Nationwide's continued growth," Nationwide president Robert Weisnerm said in a statement. "We look forward to finalizing the transaction by month's end and additional details will be provided as they become available."

Nationwide chief operating officer Les Kirk added: "Both Nationwide and Cantrex bring assets to the relationship that will be leveraged to benefit the members of both groups. The synergy between these two companies is incredible and we were immediately impressed with their leadership team. We expect a fairly seamless transition and look forward to continued growth for our members, vendor partners and our organization."

Sears Canada acquired Cantrex in 2005. At the time, Brent Hollister, then president and CEO of the multi-channel retailer, called it "a strategic acquisition that will provide Sears Canada with an opportunity to further develop its merchandising, buying and logistics services in the furniture and appliances sectors."

A couple of years later, Sears shifted Corbeil out of Cantrex's corporate structure and into its own. In a statement, Sears said it will bring the 30-unit, Quebec-based Corbeil banner to Ontario, opening four pilot stores in and around the Greater Toronto Area. The first is expected to open in June, followed by another in each of July, August and September.

The administrative operations of Cantrex have been housed in Sears Canada's facilities in Montreal, Vancouver and the Toronto suburb of Vaughan. Cantrex staff members will continue to use these facilities, so there will be no immediate impact upon their day-to-day duties.

"We are grateful to all our associates involved with Cantrex over the years, and proud of how the organization has established itself as a leader in the marketplace," said Peter Kalen, senior vice president of Sears Financial and Home Services. "Nationwide represents the best in the industry and Cantrex fits perfectly with their business. We wish them all the best in the future."

Kalen has also been serving as president of Cantrex since the departure of Alain Masse at the end of December 2010.

<Previous   Next>
Banner
Other News
Jaymar launches Freidman collection
TERREBONNE, Quebec (16 October 2014) - Contemporary upholstery specialist Jaymar will unveil its first collection for the well-known American furniture designers Stanley Jay Friedman at the upcoming fall edition of the High Point Market.
Read more...
Durham renews Mount Vernon license
DURHAM, Ontario (15 October 2014) - Solid wood furniture producer Durham Furniture has renewed its licensing agreement with the owners and operators of Mount Vernon, the home and estate of George Washington, the first President of the United States.
Read more...
Zedbed to launch adjustable base, six mattresses and new protectors at HPM
SHAWINIGAN, Quebec (16 October 2014) - Specialty bedding producer Zedbed is planning an expansive launch at this weekend's High Point Market, including the debut of its first-ever adjustable base as well as six new mattresses and a new range of mattress protectors.
Read more...
Canadian exhibitors at HPM
HIGH POINT, North Carolina (14 October 2014) - Approximately 78 Canadian companies are expected to show at the Fall 2014 edition of the High Point Market, which will open for its semi-annual run this coming Saturday, October 18.
Read more...
Banner

 

 .

Banner

Please, update your HGO profile

BRIGHTON, Ontario – To improve the efficiency of our newsletter delivery service and to bring ourselves in alignment with current Canadian legislation, we need our loyal readers to update their profiles.

If you’re in big ticket home goods, you can’t be without Home Goods Online – the only business-to-business news and information service for those working in Canada’s furniture, mattress, major appliance and consumer electronics industries.

Update Your Profile Now
Picture of the Day
Jaymar-Luna

The Luna (seen here) is the part of the first collection designed for Jaymar by the well-known U.S. based furniture designer Stanley Jay Freidman. It will be unveiled at this week’s High Point Market as part of new owner Daniel Walker’s growth plan for the Montreal-based upholstery market. Click here for details.


 

 

Banner
 
Banner
Banner
Donald Cooper
My Turn!
HGO Merchandiser
Banner
Upcoming Events
There are no upcoming events within the search range currently scheduled.
View Full Calendar