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

Invasive crab spotted near Sooke

Fisheries need more data to know if numbers are increasing

No treatment for highly infectious measles, says doctor

10 cases of measles confirmed in Vancouver as of Friday

Credit card frauds target local businesses: VicPD

Crime Reduction Unit investigating several frauds costing several businesses over $50,000

Fatherhood draws Victoria man to publish Tsimshian colouring book for children

Leon McFadden is working on 11 more books to finish the horoscope series

National Energy Board approves Trans Mountain pipeline again

Next step includes cabinet voting on the controversial expansion

POLL: Will you be wearing pink to take a stand against bullying?

Schools and workplaces across Greater Victoria and around the province will be… Continue reading

Reports of rashes prompt closure of all Harrison Hot Springs pools

Public pool available after Fraser Health shut down all five mineral pools until further notice

Girl heard saying ‘Help my Dad’ in suspicious radio message on Vancouver Island

Police asking for help following mysterious signals from somewhere between Comox and Sayward

Two more measles cases confirmed in Vancouver

It brings the number of total cases within the city connected to the outbreak to ten

B.C. Special Olympics officially underway in Vernon

Athlete’s Oath: “Let me win. But if I cannot win, let me be brave in the attempt.”

Vancouver Aquarium wants your help to name a baby killer whale

The public helped name Springer’s first calf, Spirit, and is being asked to help with the second

Guards protest firing of fellow officers charged with assault at B.C. prison

Corrections officers demonstrated in Maple Ridge on Friday afternoon

Most Read