Earlier this week, Sears Canada announced that it is going out of business, closing all operations, laying off 12,000 as a result.
The executive chairman Brandon Stranzl made efforts to keep Sears Canada afloat, however they proved to be ineffective.
“Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received,” explains the company’s press release. “The company deeply regrets this pending outcome and the resulting loss of jobs and store closures.”
Next week, the head office located in Toronto’s downtown core will be laying off 800 of their employees. Beginning October 19, liquidation sales are scheduled to take place for 10-14 weeks. 59 stores have already been shut down, however certain parts of the business like SLH Transports, a trucking and service company, will be able to continue offering their services under a new company since given the creditor protection back in June.
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
