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

Penticton city staff suggest 13 locations for election signs

A number of the locations eschew previous rules that barred signs on city-owned facilities

Talking music at Penticton’s Dream Café

Listen Up! to Holger Petersen

B.C. rep returns to South Okanagan to tour floods

Jennifer Rice, parliamentary secretary for emergency preparedness, was in the Penticton area Sunday

Violent crime rises 18 per cent in South Okanagan

But property crime in the first quarter of the year decreased by 14 per cent year over year

Your Penticton with Don Wrigglesworth

Find out why people in your community love Penticton

VIDEO: After the floods, comes the cleanup as Grand Forks rebuilds

Business owners in downtown wonder how long it will take for things to go back to normal

Rachel Notley to skip premiers conference to focus on pipeline deal

Kinder Morgan has ceased all non-essential spending on the Trans Mountain pipeline project until it receives assurances

B.C. tech company will power Uber Elevate

Moli and Uber announce research and development partnership.

UPDATE: Woman dies in ocean accident near Tofino hours before daughter’s wedding

“We are so thankful to everyone who helped our mom.”

Olympian sues USA Swimming, saying it failed to protect her

Ariana Kukors Smith alleges her former coach Sean Hutchison began grooming her for sexual abuse at the age of 13

Defence minister thanks troops for B.C. flood relief work

Harjit Sajjan says not only was military response quick, support from locals has been ‘tremendous’

Couple survives being buried in mudslide on B.C. highway

The couple, from Saskatchewan, were en route to Nelson when a tree fell in their path

‘So grateful:’ Injured Bronco hockey player glad he’s alive, works on recovery

Ryan Straschnitzki was badly hurt in the accident: a spinal injury, broken ribs, a broken collar bone, and punctured lung

Most Read