UPDATE: Sears Canada closing 59 of its stores across Canada

Roughly 2,900 jobs expected to be lost, amid restructuring.

Sears Canada will be closing more than half of its store locations across the country, amid seeking court protectionand restructuring its company.

This will impact 2,900 employees, the retailer said in a statement Thursday.

In B.C. the retailer will be closing its doors in Grand Forks, Kamloops, Sechelt, Creston and Abbotsford. More than 10 stores will be closed in Alta., including its Calgary, Spruce Grove and Red Deer locations.

Shares in the company were halted Thursday morning, after the retailer announced it would be seeking protection from its creditors.

Within the last year, the retailer has lost more than 80 per cent of its value.

Just last week, the company warned there was “significant doubt” about its future, and that putting it up for sale or undergoing a restructuring could happen. The retailer said in a statement restructuring will happen in a “timely fashion” with a goal of exiting the CCAA protection within the year.

Roughly 17,000 people are employed through Sears Canada, which opened in 1952. The retailers has 95 full-size department stores and 23 Sears Home stores as of April.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

B.C. turns up the heat

Environment Canada has issued a special weather statement for most the province due to high temperatures

Conservation officers relocate two grizzlies away from Bella Coola

Officers worried the bears would become reliant on human food sources

‘Daddy bonus’ common in B.C. workplaces, study finds

UBC researchers say dads don’t have to be number one in the office to get a raise

Explosives, firearms recovered from weekend standoff in Hagensborg

A high stakes standoff ended peacefully last Friday when single male was arrested without incident

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

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

B.C. announces $75M to help friends, family care for seniors at home

Funding will go towards respite care and adult day programs

Most Read