Sears Canada To Close Entirely

expect to see some big sales soon!

http://www.huffingtonpost.ca/2017/1...ourt-to-shut-all-remaining-stores_a_23238899/

TORONTO -- Sears Canada Inc. is seeking court approval to liquidate its roughly 130 remaining stores, leaving approximately 12,000 employees without a job.

The embattled retailer, which has been operating under the Companies' Creditors Arrangement Act since June, said Tuesday that it had failed to find a buyer that would allow it to continue as a going concern.

The court overseeing Sears Canada's operations is expected to hear a motion Friday seeking approval for the liquidation and wind down of the business.

Last Tuesday, Sears received a revised bid from a buyer group led by its executive chairman Brandon Stranzl to buy the business as a going concern.

However, a lawyer for Sears Canada's court-appointed monitor told the court last week it would consider it but the company was running out of money and time.

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

The company plans to start the liquidation sales no later than Oct. 19 and expects them to continue for 10 to 14 weeks.

This is a great time to get some good appliances at a fair price!

Insane. wow. retail is going to hell

12,000 employees god damn, I am going to go out on a limb here and say maybe 100+ of those end up googling how to make money online and end up on blackhatworld.

Sears employees are coming to BHW

i wonder if amazon took their business? this just proves there is no job security, ever!

amazons only responsible for 5% of all retail in US, so its not all them walmart is beating up brick and mortars too, just cant compete these days.

I don't think this has anything to do with Amazon or retail dying, I think it's more to do with how Canada is structured, and how Walmart owns a huge chunk of Canadian shoppers. It also doesn't help that we have less people in the country of Canada than the state of California alone. Sears isn't the first giant to go out of business in Canada.

This video goes more in-depth of how Target Canada started and failed in less than 5 years, and why it's so hard for retailers to do well in Canada

Sears in Canada was the first store I ever bought my first winter jacket in Canada from Goooosh this hit me in the feels when they announced it on the news

Sears around us have completely tanked unless they provide auto services. It's amazing how fast that store is dying out lol.