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


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Port Harvey bylaw lands in supreme court

Property owners attempt to quash zoning bylaw allowing shipyard

Council requests Port McNeill Kids in Motion follow donation policy

“I think because we put all this work into our new donation policy, people should be filling it out.”

Port Alice gets a Frigon sign

“A beautiful scenic drive awaits on the Frigon Road.”

Students solve crimes in forensics workshops

Geneskool visits PHSS and Eke Me-Xi

Mayor says there is still ample time for town to form marijuana committee

“We could have started a year ago and still perhaps been in the same place.”

B.C. BMX kid wows GoPro with homemade video

Eight-year-old Rex Johnson wins award for inventive video

Man brandishes axe during robbery

Mounties were able to locate the suspect within two hours of the incident

‘Creep off’ reporting system aims to track street harassment in Metro Vancouver

Text-based hotline launches to collect public reports on where and when harassment occurs

A Brush with Henschel: Tide’s table

“Painting in such an environment, a place that makes your heart race while it soothes your soul.”

10 feet from home: B.C. grassfire offers stark reminder how quickly blazes burn

Kamloops woman among first people in B.C. to be told to evacuate home this wildfire season

Happy ending for orphaned bear cubs

Two orphaned bear cubs were captured in Castlegar and sent for rehabilitation.

B.C. man (pick up truck, Lucky Beer poster, and all) revels in return to Esquimalt

Rear-Admiral Bob Auchterlonie assumed command of the Maritime Forces Pacific

Mounties raid “extensive” Vancouver Island pot grow operation

Execution of 3 search warrants has yielded 3 arrests and the seizure of 2,000 marijuana plants

Platform chosen for online B.C. cannabis sales

Ottawa-based company to create websites for when marijuana becomes legal in Canada on Oct. 17

Most Read