Sears Canada going out of business
Sears Canada is closing, announcing it’s seeking court approval to close all stores across the country. About 12,000 employees will be out of a job.
“Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received,” said a statement from Sears. “The company deeply regrets this pending outcome and the resulting loss of jobs and store closures,” the statement said.
Sears Canada entered bankruptcy protection in June after more than a decade of declining sales.
Sears has department stores in Victoria and Nanaimo, and smaller Sears Hometown stores in Courtenay, Duncan, and Parksville.
It also has pick-up locations in Port McNeill, Salt Spring Island, Pender Island, Sooke, Mill Bay and Mayne Island.
Sears wants to start the liquidation sales no later than Oct. 19 and expects them to continue for 10 to 14 weeks.