Oct 29, 2013
By Jane Brown
The flagship Sears store at Toronto’s Eaton Centre is about to close. It’s part of a plan by Sears Canada to sell back leases at five locations in the GTA. Sears will also pull out of Sherway Gardens and the Markville Shopping Centre in Markham. The Eaton Centre location is one of the company’s most visible Canadian stores, so the decision to leave raises questions about the company’s ability to re-invent itself.
The $400-million transaction is the largest sale of leases since the retailer began shedding assets and cutting jobs in an effort to turn around its struggling operations.
About 965 employees will be affected by the transactions. Sears says they will have the option to apply for other available jobs within the company. Meanwhile, Seattle-based department store Nordstrom has announced it will move into Sherway Gardens and Yorkdale in 2016.