Sears Canada shutters final stores after months-long liquidation

The retailer has laid off thousands of employees

Sears Canada says its remaining stores will close their doors for good today.

The long-time staple of Canada’s retail landscape declared bankruptcy last year and announced in the fall that it would liquidate its remaining stores and lay off thousands of employees.

Sales began in October, and only a fraction of the retailer’s locations across Canada remained open to the bitter end.

The chain’s closure sparked a number of controversies.

Sears Canada planned to dole out millions of dollars in retention bonuses to head office staff while grappling with a more than $260-million shortfall in its pension plan.

The company originally wanted to pay a total $7.6 million to 43 top employees, but revised that to a total of $6.5 million to 36 employees after a backlash.

An Ontario judge approved the reduction, but some employees argued it was still too much money given the company was also facing a 19 per cent pension plan funding shortfall, meaning employees would likely see a similar cut to their benefits.

And a plan by executive chairman Brandon Stranzl that would see the company continue to operate was rebuffed in favour of liquidation, prompting further questions about whose interests were being prioritized.

Sears Canada’s closure follows in the footsteps of other big-box retailers including Target and Zellers.

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Search and rescue vessel missing from Agassiz storage site

The eight-metre Spirit of Harrison rescue vessel was believed to be stolen Friday night

Hope stylist holds hair-athon for a good cause

Shayla Ross donating all proceeds of $10 cuts to the food bank

Hope arena turns green for hockey tourney

A second attempt at green ice, with proper ice paint, after food colouring experiment last year

Project Hope celebrates first birthday

Also: lego-mania comes to town, lineup of all-female comedians entertains Friday

New Hope clothing store loses $6,700 after early morning break-in

Broke Buckle Clothing Company owners hold “dirty deeds” sale after loss

Hope stylist holds hair-athon for a good cause

Shayla Ross donating all proceeds of $10 cuts to the food bank

BCHL Today: Wenatchee Wild goaltenders a cause for concern

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Canadian survivors, supporters rally against proposed ’60s Scoop settlement

Some have accused the government of underestimating the number of survivors

Nordic athlete Arendz to be Canada’s flagbearer at Paralympic closing ceremony

The biathlete and cross-country skier from Hartsville has raced to five medals in Pyeongchang

VIDEO: ‘Big time disappointment’ as Vancouver Giants fall to undermanned Kelowna Rockets

Head coach Jason McKee very unhappy with effort in Giants’ regular season home finale

B.C. community cheers on Natalie Wilkie as she wins first gold medal

Local skier tops the podium in 7.5km race at the PyeongChang Paralympics

Experts: Society has a role in trying to prevent domestic violence

Experts are speaking out following the murder of a woman and her son in Ontario

Northern lights chasers in Canada discover new type named ‘Steve’

Phenomenon linked to a powerful current created by charged particles in Earth’s upper atmosphere

Progress on fixing Phoenix pay system backlog could be short-lived: Ottawa

Feds have said they won’t try to recover money overpaid until all outstanding issues are fixed

Most Read