Sears Canada Closing All Stores, Laying Off All Employees

[Applewood]

Sears Canada — owned by Sears Holdings Corp (NASDAQ:SHLD) — announced the company is shuttering all its stores and laying off all employees.

The move comes following a number of years of declining sales happening north of the border that has seen the retailer’s foot traffic decline as more shoppers turn to buying apparel from e-commerce outlets. A total of 12,000 Sears workers will lose their jobs over the coming months.

The chain attempted to resurrect its Canada business through a bid by executive chairman Brandon Stranzl, but was forced into closure after failing to amass the necessary funds to revitalize the store. The first closures will take place at the head office near Dundas Square.

About 800 employees are located in this location and they will be let go next week. Liquidation sales will follow soon after, kicking off on Thursday, Oct. 19 and lasting anywhere from 10 to 14 weeks.

Read more at:

http://www.msn.com/en-us/money/companies/sears-canada-closing-all-stores-laying-off-all-employees/ar-AAth2FM?li=BBmkt5R&ocid=spartandhp

[Frank Cannon]

What's a Sears?

[Applewood]

Soon Sears will be a distant memory.  A shame since the company's destruction was largely self-inflicted.