Sears Canada tells employees 'all of our jobs' will be eliminated

Sears Canada tells employees 'all of our jobs' will be eliminated

Sears Canada tells employees 'all of our jobs' will be eliminated

Troubled department store chain Sears Canada plans to close remaining stores and liquidate all assets, the company announced October 10.

Weighed down by over C$1.1 billion ($879 million) in liabilities, nearly matching its assets, and falling sales every quarter since it was spun off from Sears Holdings in 2012, Sears Canada filed for creditor protection in June.

Last week, Sears received a revised bid from a buyer group led by its executive chairman Brandon Stranzl to buy the business and keep it operating.

On Tuesday, the retailer said in a statement that "following exhaustive efforts, no viable transaction" was made.

Edward Lampert, CEO of Sears Holdings, which spun off Sears Canada, had considered his own bid for the retailer through his company ESL Partners in collaboration with Fairholme Capital.

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"Pending approval of the Court, it is expected that liquidation sales at retail locations would commence no earlier than October 19 and continue for 10 to 14 weeks", the company says in a statement. Of the roughly 800 employees in Sears Canada's head office, the vast majority will exit next week, he said.

The company said it will inform individual employees of their status in the coming days, but expects the liquidation to be wrapped up by early next year.

Sears Canada was granted an initial order and protection under the Companies' Creditors Arrangement Act (CCAA) on June 22. "But we are working, along. with pension representative council, to pursue all avenues possible as an alternative to liquidation".

Since its bankruptcy filing, the retailer had been splashed across the headlines, as Canadian news outlets chronicled the ill will it had garnered stemming from its treatment of former employees. Sears Canada will continue to provide updates regarding its restructuring as developments warrant.

"It's a sad day for us in retail, in many ways", he said.

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