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Sears Canada closes final stores

Sears Canada closes final stores

The final remaining Sears Canada stores have closed their doors.

Earlier last year, the retail giant declared bankruptcy and announced that the brand would be liquidating all remaining outlets. The move has left 15,000 people out of work. The department store has been in Canada since 1953.

The Canadian Press reports that the brand sparked controversy when dealing with their pension plans – as the business originally planned to pay a total $7.6 million to 43 top employees. However, this received a backlash from the public, and the revised figure dropped to $6.5 million to 36 employees.

Despite this being approved by a judge, some argued that this was still too large a sum.  The brand was also grappling with a $260-million shortfall in its pension plan.

Executive chairman Brandon Stranzl crafted a plan which would see the business continue to operate, however this was passed over in favour of liquidation.

Speaking on the closure of the iconic brand, Allan Shifman, managing editor at Yahoo Canada Finance, told The Canadian Press: "For many Canadians, Sears is more than a store, it's an institution.

"Add to that the horrible way the retailer wound down... This is a story that resonates with all Canadians, not just the ones tuned into the finance news cycle."
 

Source: HRD Canada

8 months ago

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