The Sears department store located at Penhorn Mall in Dartmouth, N.S., will be closing next September.

In a statement, the company said it informed staffers last week that it wouldn't be renewing the lease when it comes up in September 2017.

The company said the move will help it improve its profit-per-square-foot statistics.

Sears has 73 employees at the Dartmouth location and they will be given first crack at jobs that become available at the company's Halifax Shopping Centre location.

Sears Canada has been shutting down stores and cutting jobs as it grapples with increasing competition from U.S. retail giants like Walmart.

The company posted a net loss of $91.6-million, or 90 cents per share, for the second quarter ended July 30, compared with a profit of $13.5 million, or 13 cents per share, a year earlier.