Close X
Sunday, December 1, 2024
ADVT 
National

Sears Canada Closes Its Final Stores After Months-Long Liquidation

The Canadian Press, 15 Jan, 2018 12:15 PM
    The few remaining Sears Canada stores closed their doors for good on Sunday.
     
     
    The longtime staple of Canada's retail landscape declared bankruptcy last year and announced in the fall that it would liquidate its remaining stores, leaving 15,000 people out of work.
     
     
    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 in Canada, including Target and Zellers.

    MORE National ARTICLES

    Canada Charges 2 Indian-Descent Californians With Cocaine Smuggling

    Canada Charges 2 Indian-Descent Californians With Cocaine Smuggling
    Gurminder Singh Toor, 31, and Kirandeep Kaur Toor, 26, were charged on four counts under the Canadian Controlled Drugs and Substances Act, Canada Broadcasting Corporation (CBC) reported on Friday.

    Canada Charges 2 Indian-Descent Californians With Cocaine Smuggling

    Poor Ventilation At B.C. Greenhouse Blamed For Carbon Monoxide Exposure

    Poor Ventilation At B.C. Greenhouse Blamed For Carbon Monoxide Exposure
    DELTA, B.C. — Poor ventilation at a Delta, B.C., greenhouse is to blame for sending dozens of workers to hospital for carbon monoxide exposure, a fire chief said.

    Poor Ventilation At B.C. Greenhouse Blamed For Carbon Monoxide Exposure

    Police Say Gang Violence Likely Behind Death Of Man, 21, In Langley, B.C.

    Police Say Gang Violence Likely Behind Death Of Man, 21, In Langley, B.C.
    A young man is dead after a shooting in Langley, B.C., and police say the death may be linked to recent gang violence in Metro Vancouver.

    Police Say Gang Violence Likely Behind Death Of Man, 21, In Langley, B.C.

    Flag Person Hit By Vehicle In Vernon, B.C., Has Died Of Her Injuries

    Flag Person Hit By Vehicle In Vernon, B.C., Has Died Of Her Injuries
    VERNON, B.C. — A 66-year-old woman who was hit by a vehicle while directing traffic in Vernon, B.C., has died of her injuries.

    Flag Person Hit By Vehicle In Vernon, B.C., Has Died Of Her Injuries

    Vancouver Fire Crews Responded To More Than 6,000 Overdose Calls This Year

    Vancouver Fire Crews Responded To More Than 6,000 Overdose Calls This Year
    Vancouver firefighters have responded to more than 6,000 overdose calls this year, a 28 per cent increase over last year with a month remaining in 2017.

    Vancouver Fire Crews Responded To More Than 6,000 Overdose Calls This Year

    He Was Going To Kill Me And Kill All Muslims, I Was Shocked: Noor Fadel

    He Was Going To Kill Me And Kill All Muslims, I Was Shocked: Noor Fadel
    I've experienced a lot of verbal assaults from people telling me to go back to my country but I haven't experienced anything to this extent

    He Was Going To Kill Me And Kill All Muslims, I Was Shocked: Noor Fadel