TORONTO – Canadian Tire Corp. Ltd. is rolling out a new strategy that will see it invest $2 billion over four years to restructure the company for growth but will also mean the closure of some stores.
The Toronto-based retailer, which also owns SportChek, Party City and Mark’s, says its new True North plan will move the business away from its holding company model to a more agile organization by aggregating the systems and data it holds across all its banners.
The plan is designed to eliminate silos, redundancies and costly back-office processes, but the strategy will also come with cuts.
Seventeen “uncompetitive” stores under its Atmosphere banner, which sells apparel and outdoor gear, will close and 14 will be relocated within SportChek stores.
Canadian Tire spokesperson Joscelyn Dosanjh did not indicate whether any job cuts will stem from the closures, but says the company is trying to place employees impacted by the changes at other locations as their stores in western Canada close over the next four months.
In addition to the closures, Canadian Tire says the plan will see it optimize its SportChek portfolio with new concept stores, expand its loyalty program, restructure its leadership ranks and carry out $400 million in share buybacks.
This report by The Canadian Press was first published March 6, 2025.
Companies in this story: (TSX:CTC.A)
