Sears Canada Closing All Stores

Sears Canada (Toronto) announced that it will be closing all of its Canadian stores, as it was unable to find a buyer after having sought protection from creditors in June.

The retailer is currently seeking approval to liquidate these stores, which total about 130, including 74 full department stores, eight Sears Home Stores and about 49 Sears Hometown stores. About 12,000 store employees will lose their jobs as a result of the closures, as well as most of the 800 employees at Sears Canada’s head office.

The company was considering a revised bid from a buyer group led by its executive chairman Brandon Stranzl, but the retailer said that “following exhaustive efforts, no viable transaction” was received, reports Toronto Sun.