Sears Canada is going out of business

Sears Canada to liquidate all its remaining stores and assets

Sears Canada to liquidate all its remaining stores and assets

Sears Canada now has 74 full-line locations, eight Sears Home Stores, and roughly 49 Sears Hometown stores, according to Sears Canada spokesman Joel Shaffer.

Sears in Canada had grown out of a partnership between the Chicago retailer and rival Simpsons in Toronto.

Company officials had hoped to find a buyer that would take over the remaining stores, but the search was unsuccessful.

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Sears Canada Inc. has chose to shut its doors and is seeking approval to liquidate its roughly 130 remaining stores - leaving another 12,000 employees across the country without a job.

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

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. Of the roughly 800 employees in Sears Canada's head office, the vast majority will exit next week, he said.

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

Since its bankruptcy filing, the retailer had been splashed across the headlines, as Canadian news outlets chronicled the ill will it had garnered stemming from its treatment of former employees.

If Sears Canada gets court approval to begin the process, it expects liquidation sales at its stores would start no earlier than October 19 and continue for 10 to 14 weeks.

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For awhile now, people have been speculating that Sears Canada was doomed.

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