The Globe and Mail reports in its Friday edition that Canadian Tire has laid off 3 per cent of its staff. The Globe's Susan Krashinsky Robertson write that the layoffs were completed this week, and amount to more than 200 corporate "full-time equivalent" positions. Canadian Tire says there has been a notable turn in behaviour, as people cut back sharply on non-essential or "discretionary" purchases. While Canadian Tire's credit-card data show that its sales have outpaced the market in many of its product categories, it is still feeling the pinch. Chief executive officer Greg Hick says: "Despite the favourable share of spend, it is evident that customers are stretched and spending less overall. We are operating with the assumption that there will be continued pressure on discretionary retail and credit metrics going forward." The layoffs are accompanied by a pullback in hiring, as Canadian Tire eliminates the majority of its job vacancies, amounting to a further 3 per cent of its head count. The move is expected to save the company approximately $50-million on an annualized run-rate basis. Canadian Tire will also record a $20- to $25-million charge in the upcoming fourth quarter related to the cuts.