SEARS CANADA TO CLOSE 59 STORES, CUT 2,900 JOBS AMID RESTRUCTURING

Jun 22, 2017

By Bob Komsic

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As part of a court-supervised restructuring process, Sears Canada has announced it’s closing 59 stores across the country and cutting 2,900 jobs.
The move gives the retailer 30 days to restructure itself.
(Financial Post)
Sears Canada will close 20 full stores, 15 Sears Home stores, all 10 outlets and 14 Sears Hometown locations – roughly one-third of its retail footprint.
Three of the closings are in the Greater Toronto and Hamilton Area – Ancaster, Scarborough, Woodbridge.
Retail experts say the biggest problem for Sears is that it got complacent and did not keep up with the times.
Parent company Sears Roebuck  & Co. set up in Canada in 1952 and mainly sold merchandise by mail, via its popular catalogue.
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