In a shocking turn of events, MacLeans reports that Sears Canada has filed to close all of their remaining locations. The closure is a massive blow to thousands of employees and investors:
The retailer currently has approximately 12,000 employees, three-quarters of which are part-time, [Spokesperson] Shaffer added. Of the roughly 800 employees in Sears Canada’s head office, the vast majority will exit next week, he said.
On a more personal level, the move has many feeling completely betrayed according to CBC:
“Many of us feel frustrated, anger, betrayal,” a Sears manager told CBC News in an email on Tuesday.
The company is just another in a long line of retailers who have experienced tremendous hardships over the past few years as online vendors push them out of the market. One such example is that earlier this year, Toys R’ Us filed for bankruptcy protection.
The company will now look to liquidate its assets to make up some of the loss, but the markets have already had their say; their stock was down 5.82% as of noon today. Investors that owned Sears should seriously consider the risks of owning the company as it struggles to make ends meet.
It will be interesting to see what will happen to the company in the United States as they continue to struggle with staying relevant. One thing is for certain; if changes aren’t made soon, Sears can expect more trouble down the road.
To read MacLeans’ article on Sears Canada’s filing for liquidation, click here.
To read CBC’s article on how employees of Sears Canada are feeling after the news, click here.
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