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

Mountain biker rescued

An injured mountain biker has been rescued by Fernie Search and Rescue.

Cameras to capture airborne dust

The District of Sparwood will install two cameras to document airborne dust caused by a nearby mine.

Housing affordability in spotlight

Elkford residents will soon learn the results of a survey on affordable housing for seniors.

Veteran golfer reflects on club anniversary

With a spring in his step, Patsy Caravetta hops up the steps… Continue reading

30 degrees and warmer forecasted with heat wave in B.C.

The weather could stay well into next week, according to Environment Canada

Canada won’t ‘play politics’ on U.S. migrant children policy

The U.S. government is under fire over its ”zero tolerance” policy

Late goal gives England 2-1 win over Tunisia

At the last World Cup in 2014, England couldn’t even win a game

Canadian military police officer pleads not guilty to sex assault

Sgt. Kevin MacIntyre, 48, entered his plea today at a court martial proceeding in Halifax

RCMP identify Beasley body, foul play suspected

The remains of Lemar Halimi were discovered in May

Cheers erupt as Federal Court judge approves historic gay purge settlement

Gay military veterans said they were interrogated, harassed and spied on because of their sexuality

Remains of two people found on Vancouver Island

Officials have not said whether or not the remains belong to two missing men, last seen in Ucluelet in mid-May

Helping B.C.’s helpers cope

The MRT has helped almost 7,000 first responders and street workers in 57 communities in B.C.

Border officials argue B.C. man’s Facebook posts threat to Canada’s security

A B.C. Supreme Court judge acquitted Othman Hamdan of terrorism charges last September

Reena Virk’s mother has died

Both of Virk’s parents became activists against bullying in wake of daughter’s death

Most Read