Sears Canada CEO Douglas Campbell to leave by end of 2014

Sears Canada CEO Douglas Campbell is stepping aside after about a year in the post and returning to the U.S. to deal with family issues.

The loss of leadership is a fresh blow against Sears Canada, which is battling losses amid a market that seems to have no place for mid-priced retailers.

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Sears Canada said it is starting a search for a new CEO immediately. Campbell is to leave by the end of the year.

As CEO, Campbell had been charged with getting shareholder value out of Sears and had overseen the sale of many of its real estate assets.

Sears Canada had sold off its share over eight large malls and moved out of its high-profile urban locations to concentrate on suburban and rural outlets.

It has laid off hundreds of workers in the last three years.

Campbell, a former U.S. Marine Corps officer with an MBA who grew up near Washington, D.C., joined Sears Canada as vice-president of home and hardware lines in March 2011 and became CEO in September 2013.

In an interview with CBC last year, Campbell said Sears Canada had reduced costs and seen same-store sales rise but this year, losses continued to mount.

He said he saw a value niche for Sears Canada, though there had been speculation the U.S.-based parent company would shut all Canadian operations.

Our history, our roots are really with middle-income working Canadian families and they arent just concerned about price, they really care about quality for dollar spent, he said.