After announcing another round of store closures in September, Sears Canada announced Tuesday is will now close all stores and begin liquidation nationwide. The closure will put 12,000 people out of work.
Liquidation sales at stores are scheduled to begin October 19th and to take 10 to 14 weeks according to a release from Sears.
Sears had been trying to find a buyer so that they could continue operations but that search was unsuccessful.
“Sears Canada, with the recommendation of its advisors and approval of the Monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following Court approval.”
Sears Canada begin operations in 1952 as a joint venture between Simpson’s and American retailer Sears. The company was well known in Canada for its direct mail catalogue and was a staple in small towns for their mail-order business in the decades before the Internet.
In the release Sears stated, “The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures.”
On a personal note I used to work for Sears in the past and the retailer has a great many passionate, dedicated employees. It’s sad to see the retailer shutting down operations.