Corporate layoffs: Canadian Tire announces workforce restructuring; retail store jobs unaffected, says company
"Earlier this year, we announced that we would be transforming our company to better compete in a new era of retail, defined by global competitive threats and the increasing need for speed and efficiency," the company said, as quoted by CBC News. "Changes are underway and we are altering various processes and teams to transform and modernize."
The company noted that "some corporate roles are expanding and others are being eliminated," though it did not disclose the number of affected employees.
"While these changes are difficult, they are necessary to ensure that we remain a strong retailer, job creator and contributor to the Canadian economy well into the future."
A company representative confirmed that the restructuring would result in fewer corporate positions, while clarifying that retail store jobs would not be impacted. The company did not specify the locations of the affected roles. However, its corporate headquarters is located in Toronto.
This move follows a strategic plan unveiled in March, which involves a $2 billion investment over four years to support organisational restructuring and future growth.
In November 2023, Canadian Tire had previously reduced its full-time workforce by three per cent as part of a cost-cutting initiative.
Canadian Tire, a publicly traded company, is expected to release its next quarterly financial report in the coming month.
The retailer operates across all Canadian provinces as well as Yukon and the Northwest Territories, offering products in categories such as automotive components, sports equipment, hardware, construction materials, and household appliances.
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