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February 19, 2020

Canadian retailer Stokes to reduce retail footprint

Canadian tableware, kitchenware and giftware retailer Stokes has revealed plans to reduce it retail footprint in a bid to reposition its business.

Canadian tableware, kitchenware and giftware retailer Stokes has revealed plans to reduce its retail footprint in a bid to reposition its business.

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The move is part of the retailer’s restructuring process for future growth and profitability. It will also facilitate the company’s strategy execution.

The company said in a statement: “After many years of solid financial performance, Stokes , like most other retailers, is adapting to fundamental changes in the industry, including how customers shop.

“To better compete in today’s retail environment, Stokes will be reducing its retail footprint in Canada and streamlining its head office operations. The company will continue investing in its online business, which has experienced material growth over the last few years.”

The closure will affect underperforming retail locations, while the company will focus on maintaining most of its stores across Canada and its head office operations in Montreal, Quebec.

Nearly 1,000 Stokes ’ employees will remain unaffected by the restructuring. The company has not disclosed the exact number of jobs that will be affected, if any, or the stores that will close.

Stokes added: “The company’s management is confident that, through the restructuring process, Stokes will emerge as a healthier and more profitable business, well-positioned for long-term success to the benefit of all stakeholders.”

Based in Montreal, Stokes has 147 stores in Canada and 23 stores internationally. It also has a presence in online marketing.

The retailer trades its merchandise under the brands ‘Stokes ‘, ‘thinkkitchen’ and other private labels.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.