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

B.C. freestyle skier wins gold

Cassie Sharpe of Comox shines in the halfpipe

Annual Heritage Day celebration highlights Terrace history, culture

Over 30 vendors displayed various vintage and historic items from the city’s past on Feb.17 in the Sportsplex Banquet Room.

Terrace River Kings win playoffs

Defeating Williams Lake Stampeders, the team now heads to the Coy Cup for the fourth year in a row

First annual Valentines Day Memorial Walk to honor missing and murdered Indigenous people held in Terrace

Mayor Carol Leclerc and RCMP Cst. Angela Rabut joined members of the Radek family and walkers on Feb. 14 from the Chill Soda Shop on Highway 16 to the Tempo Gas Station.

Most Highway 16 closures for avalanches in years after multiple dumps of snow

Highway 16 has had four closures between Terrace and Prince Rupert due to 35 mile avalanche area

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Canadians find living in small spaces teaches creativity

Canadian families choosing to live in small spaces to bring closeness to children

SAR suspends search for missing man at Sun Peaks

RCMP will continue to search for a missing man near Kamloops but SAR has suspended their role

Lottery will help save children’s lives

Each ticket gets you a chance to win a lot of money, while helping a lot of kids

B.C. RCMP officer officially cleared in car wash shooting incident

A report found the Salmon Arm officer fired 14 bullets at the man’s truck

Interest in Canadian Armed Forces remains high

Canada seeks about 5,000 recruits each year for its regular forces of about 68,000

Rules reviewed to keep drug money out of B.C. real estate

Investigator looking at loans as well as casinos, David Eby says

VIDEO: B.C. deer caught obeying traffic signs

A herd of deer in Fernie, B.C. is getting attention online after stopping for a stop sign

Most Read