Canadian Tire Laying Off 3% of Staff, Cutting ‘Majority of Current Vacancies’

With economic pressures continuing to affect consumer demand and retail sales, Canadian Tire is scaling back its staffing levels.

In its Q3 2023 earnings release, the retail giant said it plans to reduce its number of full-time equivalent (FTE) employees by three per cent “as a result of targeted headcount reductions in Q4.”

“We remain focused on driving value for our customers as we head into the important fourth quarter,” President and CEO Greg Hicks said in the release.

“In a more challenging economic environment, we are accelerating efficiency initiatives, prioritizing investments within our Better Connected strategy, and actively managing our resource allocation.”

In addition to the layoffs, Canadian Tire announced a pullback in hiring. The company plans to eliminate the “majority of current vacancies”, which is expected to result in a further FTE reduction of three per cent.

News outlets, including The Globe and Mail, claim that some jobs were already cut this week.

In 2022, Canadian Tire had more than 13,800 full-time employees, according to its website.

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