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

Backlog reduced at Langley adult day program

Wait list goes from months to weeks

Langley golfer Erin Lee wins major Pitt Meadows tournament

Maple Leaf Junior Golf Tour (MJT) gets underway at Swan-e-Set Bay Resort

LETTER: Fort Langley driver lobbies for roundabout signalling

ICBC rules call for drivers to signal when exiting roundabouts.

South Langley community group wants to talk innovative housing

Brookswood-Fernridge Community Association invites people to a meeting about the future of housing.

GREEN BEAT: Opening ‘new roads’ in Langley makes cycling safer

HUB Langley pushed to ‘UnGap the Map’ and create more bike infrastructure throughout the community.

WATCH: Out and about in Langley

March 23 to 25; your guide to community happenings.

5 to start your day

Trudeau boosts Tamara Taggart, a doctor accessed records of a woman pregnant with his baby, and more

VIDEO: Dramatic fire destroys Surrey home

A freelancer at the scene said occupants made it out of the Fraser Heights house safely

Woman wants Tofino to get a nude beach

“They may enjoy a surf and then walk around naked and just be free.”

Ice climbers scale Canada’s tallest waterfall on Vancouver Island

Ice climbers Chris Jensen, Will Gadd and Peter Hoang made history

New Coast Guard ship crashes into breakwater in Victoria

‘It is fairly unprecedented that it would happen’

Sparks fly as SUV speeds wrong way down Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Fundraising campaign launched for man caught in SilverStar avalanche

In only two days, the GoFundMe surpassed its $15,000 goal

B.C. doctor fined $5,000 for accessing records of woman pregnant with his child

Doctor admits to accessing records of the woman carrying his child

Most Read