After 65 years in Canada, the retailer is forced to close all of its stores across the country, leaving nearly 12 000 employees out of work.
As a result of many factors, including the rise of online commerce and the increasingly competitive marketplace, Sears declared bankruptcy last year. The company was waiting for court approval to liquidate its stores. Last fall, Sears announced the liquidation of its remaining 130 stores after numerous attempts to save the company.
To this end, Susan Ursel, a lawyer representing current and former employees, told Hainey J. that she would continue to support discussions on a possible transaction; “This business touched the lives of generations of Canadians,” she said.
The closure of the chain has caused a lot of controversy. Indeed, the company had decided to distribute retention premiums to its executives despite the deficit of more than $CAN 260M in its pension plan. This has worried many of its employees, fearing an impact on their profits.
According to some experts, Sears employees should not be unemployed for a long time considering the industry’s high demand.
« Après Eaton et Zellers, c’est la fin pour Sears Canada ». [En ligne]. Disponible sur: http://www.lesaffaires.com/secteurs-d-activite/commerce-de-detail/apres-eaton-et-zellers-c-est-la-fin-pour-sears-canada/599854.
« Everything must go: Sears Canada closing final stores Sunday | Metro News ». [En ligne]. Disponible sur: http://www.metronews.ca/news/canada/2018/01/14/sears-canada-shutters-its-final-stores-sunday-after-months-long-liquidation.html.
« Les employés de Sears courtisés par des employeurs potentiels », La Tribune, 05-nov-2017. [En ligne]. Disponible sur: https://www.latribune.ca/affaires/les-employes-de-sears-courtises-par-des-employeurs-potentiels-25f5ecd33b640885cb160f2ea970a987
« Sears closing after 65 years in Canada; court grants complete liquidation | Globalnews.ca », 13-oct-2017. [En ligne]. Disponible sur: https://globalnews.ca/news/3801730/sears-canada-closing/.