Sears stores across the country closed down earlier this week. (Alistair Waters/Capital News)

LETTER: Demise of Sears result of economic piracy

Re: Shopping model we know will soon come to an end (Gazette, Jan. 3)

The writer makes an excellent argument about the demise of auto-dependent shopping. However, is this really relevant to the demise of Sears?

Sears was one of the pioneers of non-auto shopping over 100 years ago. The physical catalogs and ordering by mail were not as fast and convenient as today’s on-line shopping but the result was the same: shoppers could order products that they had only seen in photos and the products would be delivered to their homes. No automobile was required.

The demise of Sears Canada was caused by an act of economic piracy. A group of unethical people obtained control of the shares of Sears Canada. They voted themselves huge dividends that stripped the company of funds – including funds needed to fulfill pension obligations. There is nothing illegal about that shameful treatment of Sears Canada. This proves that we need a law to ensure that pension funds must be covered before cash is paid out to shareholders.

It is a shame that we need laws to force immoral, unethical people to act with honour.

David Stocks

Colwood


Like us on Facebook and follow us on Twitter

Just Posted

Victoria-bound plane slides off icy Edmonton runway

Crew, passengers had to disembark via bridge stairs

VIDEO: Hundreds gather in Victoria as part of global Women’s March for equality

‘End Violence Against Women’ march theme for 2019

Victoria’s oldest pipes to be replaced this year

The pipes along Cook Street were installed in 1891 and are made of bricks

Esquimalt needs urgent health care facility, mayor says

A severe doctor shortage is leaving Esquimalt residents scrambling for health care

Almost four of 10 Canadians have unlimited internet data at home

Fifty-four per cent say they telecommute at least sometimes

WATCH: Medieval fighters train in Colwood

Fighters are gearing up for world championships in medieval combat

Want to avoid the speculation tax on your vacant home? Rent it out, Horgan says

Premier John Horgan and Sheila Malcolmson say speculation and vacancy tax addresses homelessness

CONSUMER REPORT: What to buy each month in 2019 to save money

Resolve to buy all of the things you want and need, but pay less money for them

UPDATE: B.C. woman and boy, 6, found safe, RCMP confirm

Roseanne Supernault says both she and her six-year-old nephew are fine and she has contacted police

PHOTOS: Women’s Marches take to the streets across B.C. and beyond

Women and allies marched worldwide protesting violence against women, calling for equality

Anxiety in Alaska as endless aftershocks rattle residents

Seismologists expect the temblors to continue for months, although the frequency has lessened

Women’s March returns across the U.S. amid shutdown and controversy

The original march in 2017, the day after President Donald Trump’s inauguration, drew hundreds of thousands of people

Federal Liberals announce former B.C. MLA as new candidate in byelection

Richard Lee will face off against federal NDP leader Jagmeet Singh

Most Read