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

Port Alberni workers to honour Day of Mourning on April 28

Annual event honours workers who lost their lives on the job

Tseshaht First Nation athlete honoured with provincial sports award

Rain Thomas competes in three different sports

Alberni Valley firefighters pass the boot for Muscular Dystrophy

Annual fundraiser started in 1967 with Port Alberni Fire Department

Cougars spotted in Sproat Lake neighbourhoods

ACRD director warns residents to keep children, pets close

Who are the Frozen Franklins? Find out at the Alberni Valley Museum

The museum and Echoes in the Ice exhibit are open April 20 during Easter weekend

VIDEO: Alberni Valley celebrates Easter weekend

Port Alberni children enjoy Easter egg hunts and spring activities

United Way opens grants to help charities tackle social issues

Charities north of the Malahat can apply for grants $2,000 to $20,000

Second earthquake in less than two hours strikes off Vancouver Island

The first earthquake happened at 1:27 p.m., the second at 2:44 p.m.

PHOTOS: Green Party Leader Elizabeth May says ‘I do’ on Earth Day

May and John Kidder got married Monday morning in Victoria

Sri Lanka invokes war-time military powers after nearly 300 killed in Easter bombings

Sri Lanka’s minister of tourism says 39 foreign tourists were killed in the Easter Sunday attacks

Man’s body found in popular Cowichan Valley hiking area

Police say death not suspicious after discovery in Stoney Hill area overlooking Saltspring Island

Multiple sailing waits as BC Ferries deals with Easter Monday traffic

89 extra sailings had been added to the long weekend schedule

Vancouver Island-based company provides glass alternatives to plastic straws

Enviro Glass Straws now producing more than 60,000 straws each year

Most Read