Sears Canada to close dozens of locations, lay off 2,900 people in restructuring – Business

Sears Canada plans to close dozens of locations and eliminate 2,900 jobs across the country as part of a court-supervised restructuring process.

Shares in Sears Canada were halted Thursday morning after the retailer applied for and was granted protection from its creditors under the Companies’ Creditors Arrangement Act — the law that covers insolvency proceedings.

The move gives the retailer 30 days to restructure itself, which includes $450 million in debtor-in-possession financing to fund the company while it restructures, a process that will include closing dozens of locations and laying off thousands of workers.

The chain will axe 20 full Sears stores, 15 Sears Home Stores, all 10 outlet stores and 14 Sears Hometown stores.

Affected locations are listed here:

  • Medicine Hat, Alta.
  • Cold Lake, Alta.
  • Abbotsford Retail, B.C.
  • Calgary, Alta.
  • Grande Prairie, Alta.
  • St. Albert, Alta.
  • Winnipeg Garden City, Man.
  • Edmonton Skyview, Alta.
  • Lloydminster, Alta.
  • Okotoks, Alta.
  • Halifax Outlet, N.S.
  • Ancaster, Ont.
  • Red Deer Relocation, Alta.
  • Spruce Grove, Alta.
  • Cornwall, Ont.
  • Woodbridge, Ont.
  • Kamloops Aberdeen Mall, B.C.
  • Ft. McMurray, Alta.
  • Chatham, Ont.
  • London, Ont.
  • Bathurst, N.B.
  • Leduc, Alta.
  • Cambridge, Ont.
  • Scarborough, Ont.
  • Saint John, N.B.
  • Sherwood Park, Alta.
  • Timmins, Ont.
  • Kingston, Ont. 
  • Corner Brook, N.L.
  • Creston, B.C.
  • St. Eustache, Que.
  • Ottawa East, Ont.
  • Truro Mall, N.S.
  • Sechelt, B.C.
  • Montreal Place Vertu, Que.
  • Sudbury, Ont.
  • Dartmouth, N.S.
  • Grand Forks, B.C.
  • Sorel, Que.
  • Windsor, Ont.
  • Brockville, Ont.
  • Orangeville, Ont.
  • Orillia, Ont.
  • Sault Ste. Marie, Ont.
  • Rimouski, Que.
  • St. Bruno, Que.
  • Hull, Que.
  • Rouyn-Noranda, Que.
  • Laval, Que.
  • Chicoutimi, Que.
  • Melville, Sask.
  • Quebec City, Que.
  • St. Georges de Beauce, Que.
  • Ste. Foy, Que.
  • Alma, Que.
  • Drummondville, Que.
  • Regina, Sask.
  • Moose Jaw, Sask.
  • Prince Albert, Sask.

All other Sears locations will…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *