Major Retailer Closing Dozens of Stores and Cutting Over 2,000 Jobs
Recently, we found that long-standing retail giant Sears is having some trouble making ends meet in a challenging retail climate.
Now, the brand has announced that it's going to close 59 stores and layoff 2,900 workers.
The company is closing 20 full-line stores, 15 Sears Home Stores, 10 outlet stores and 14 Sears Hometown Stores.
Here's a look at the stores that are slated to close:
Fortunately for Mississauga residents, the city's Sears locations do not appear to be on the chopping block. In fact, it looks like most major GTA cities have been spared (with the exception of Scarborough and Woodbridge), as most of the stores set to close in Ontario are located outside Toronto and its closest satellite cities.
Some nearby cities about to lose Sears locations include Orangeville, Cambridge and Ancaster. The brand is also closing locations in Cornwall, Chatham, London, Kingston and Windsor.
The company also announced that it successfully applied for protection from its creditors under the Companies' Creditors Arrangement Act. Shares in Sears Canada were halted as a result.
The brand is currently restructuring and said that it will work to complete its agenda "in a timely fashion and hopes to exit CCAA protection as soon as possible in 2017."
The specific timing of the store closings has not yet been finalized.
Sears Canada says it's been working to reinvent the company over the last 18 months.
"Sears Canada rebuilt its front and back-end technology platform, redefined its brand positioning, revamped its product assortment, and rebooted its customer experience and service standards," a news release reads. "These changes led to the company reporting an increase in same-store sales in its two most recently completed quarters. However, the continued liquidity pressures facing the company as well as legacy components of its business are preventing it from making further progress in its brand reinvention efforts and from restructuring its legacy assets and businesses, which is why it sought creditor protection under the CCAA."
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