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

First Past the Post is the only option

Letter to the Editor by Dieter Bogs of Trail

Acid tainted vehicles from Trail spills, held for evidence

Contaminated vehicles are evidence in ICBC’s lawsuit against “negligent parties”

Kootenay Boundary swears in 7 new directors

Regional District of Kootenay Boundary swears in 7 new directors and 6 returning directors

More Kootenay-Columbia students for a third straight year

Enrolment across School District 20 is up 175 students since 2016

Stolen vintage motorcyle returned undamaged in Nakusp

The thieves were unable to start the antique racer and abandoned it in a vacant Nakusp garage

Fashion Fridays: 5 coats you need this winter!

Kim XO, lets you know the best online shopping tips during Fashion Fridays on the Black Press Media Network

B.C. to fund gender-affirming surgeries for transgender people

Roughly 100 people in B.C. travel each year out of province for lower surgeries

U.S. mayor and dying dog’s roadtrip to B.C. goes viral

First vacation in three years came a month after blood cancer diagnosis

Federal fall update expected to offer more support for struggling news industry

Ottawa committed $50 million over five years for local journalism in ‘underserved communities’ last budget

UK’s May appeals to public on Brexit, braces for more blows

British Prime Minister Theresa May answered questions from callers on a radio phone-in, the day after she vowed to stay in office

VIDEO: Stan Lee leaves posthumous message for his fans

Marvel Comics’ co-creator died on Monday at the age of 95

Woman searching for father last seen in Nelson in 1999

Johnson’s daughter, Chandra Machin, is searching for her father

$136M in transit funding coming to B.C.

The announcement was made at the BC Transit yard in Langford on Friday morning

Ottawa apologizes to Japanese family in B.C. after chopping historic cherry trees

Plaque installed in Prince Rupert to honour the memory of Shotaro Shimizu

Most Read