MediaCom wins Sears Canada
The GroupM agency has taken over the business for the embattled retailer.
Sears Canada has moved its media business to MediaCom Canada.
Prior to signing with MediaCom Canada, Sears Canada had worked with Dentsu Aegis Network agency Vizeum.
MediaCom Canada confirmed that the business move took effect at the start of August and new work from the partners will begin to appear this month.
The agency shift comes during a challenging time for Sears Canada. The company is currently without a president, with Carrie Kirkman departing the role earlier this summer after less than nine months in the job. The company has also gone through four CEOs in as many years.
Sears’ most recent quarterly report showed a same-store sales decline of 7.4% and overall revenue decline of 14.5% compared to the same quarter in the previous year, though it did end the quarter with $349.8 million cash on hand. It also implemented $80 million in cost reductions, and increased its overall cost reduction goals for 2016 to be in the $127 to $155 million range.