Published: Wed, October 11, 2017
Markets | By Rosalie Gross

Sears Could Close All Stores For Good

Sears Could Close All Stores For Good

Sears Canada is announcing that it will seek to begin liquidating all of its remaining stores after no buyer for the company could be found. The company had been in negotiations with Executive Chairman Brandon Stranzl, who stepped away from day-to-day operations to come up with a proposal to keep the company afloat.

The company said in a statement that it would make the application to the Ontario Superior Court on Friday.

Sears Canada now has 74 full department store locations, eight Sears Home Stores, and roughly 49 Sears Hometown stores, facing closure, according to company spokesman Joel Shaffer.

The store was part of the mall's August 1999 expansion when Sears moved from the Kingston Centre. Of the roughly 800 employees in Sears Canada's head office, the vast majority will exit next week, he said.

That tally doesn't include the 2,900 job cuts Sears Canada previously announced in June, when it announced the closure of 20 department store locations, 15 Sears Home stores, 10 Sears Outlet and 14 Sears Hometown locations.

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The company said it will inform individual employees of their status in the coming days, but expects the liquidation to be wrapped up by early next year.

"We have not been contacted by Sears or their representatives regarding their plan".

Sears Canada was granted an Initial Order and protection under the Companies' Creditors Arrangement Act ("CCAA") on June 22, 2017.

Prior to the bankruptcy filing, Sears Canada had been in the midst of a turnaround, which included a new off-price model and a revamped private label assortment. "This is an extremely sad day for all of us and certainly not the outcome we wanted".

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