Sears Canada plans to cease operations

Department store chain to apply for court approval to liquidate all assets
Sears Canada has been a money-losing venture for years | BIV archives

Troubled department store chain Sears Canada plans to close remaining stores and liquidate all assets, the company announced October 10.

The company will apply to Ontario Superior Court for approval for the sale.

The news follows weeks of Sears Canada creditors negotiating with a group of senior executives, including executive chairman Brandon Stranzl, to buy the company .

“It is expected that liquidation sales at retail locations would commence no earlier than October 19 and continue for 10 to 14 weeks,” the company said in a statement.

The news today affects 64 full-line stores, seven Sears Home stores and 49 Hometown stores. 

The company on September 30 announced plans to close an additional 10 full department stores and a Sears Home store. In June, Sears announced that it would close 59 stores.

Sears sent Business in Vancouver an email to say that about 12,000 people will lose jobs as a result of the dissolution and that this includes those who work at the 11 stores in the September 30 announcement.  About 75% of those employees are part-time workers, Sears said.

“The company deeply regrets this pending outcome and the resulting loss of jobs and store closures,” Sears said in a statement.

gkorstrom@biv.com 

@GlenKorstrom 

comments powered by Disqus

More from Retail & Manufacturing

LFX’s arranged marriage: western art and Asian jewelry

Top Chinese jewelry brand sees local art as key to broaden North American consumer appeal

Read Article

Umbrella Shop’s closure highlights succession plan importance

Business builders are not always the best business sellers

Read Article

Uniqlo sets its sights on Metro Vancouver expansion

Additional B.C. locations to follow for global fashion retailer that opened in Burnaby October 6

Read Article

Uniqlo opens first B.C. store in Burnaby

Retailer of value-priced clothing is third largest fashion house in the world

Read Article

Trudeau unveils proposed excise tax on marijuana

Provinces and feds would split new tax revenue from recreational marijuana

Read Article

Subscribe to our mailing lists

You may withdraw your consent at any time.

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
Business in Vancouver Media Group
303 West 5th Avenue, Vancouver, British Columbia
V5Y 1J6 · Canada
604-688-2398
×