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. 


comments powered by Disqus

More from Retail & Manufacturing

Canadians say their holiday spending is ‘out of control’ this year: poll

Read Article

Supreme Court of Canada to hear Comeau case on interprovincial free trade

Case centres on legality of taking booze across provincial borders but it has wider consequences

Read Article

Private retailers battle for e-commerce booze bucks

BCLDB lags behind other provinces by not offering online shopping

Read Article

Metro Vancouver municipalities brace for cannabis retail gold rush

Some cities want to prohibit all recreational marijuana sales; others have already started licensing dispensaries

Read Article

BIV on Global BC November 27, 2017: Online shoppers to spend $8.3B ...

Tyler Orton discusses the expectation that shoppers will spend $8.3B Cdn online today. Plus: Meredith buying Time Inc. for $1.8B US

Read Article

Subscribe to our mailing lists

You may withdraw your consent at any time.

* indicates required


* 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