Sears Canada closing 59 locations including Red Deer

TORONTO — Sears Canada Inc. (TSX:SCC) plans to close 59 locations and cut approximately 2,900 jobs as part of its plan to restructure its business under court protection from creditors.

Among the locations slated for closure is the Sears full-line store at Bower Place in Red Deer.

“We don’t have specific dates yet, but the store closing is expected to be months away. In Red Deer, there are 27 full-time and 69 part-time people affected,” said Peter Block, spokesperson for Sears Canada.  

The struggling retailer says it will close 20 full-line locations, plus 15 Sears Home stores, 10 Sears Outlet stores and 14 Sears Hometown locations.

The announcement came after the company was granted temporary court protection from creditors under the Companies’ Creditors Arrangement Act this morning.

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Under the plan, Sears Canada has been authorized by the Ontario Superior Court of Justice to obtain up to $450 million in financing to maintain operations throughout the restructuring.

The struggling retailer has piled up losses over several years and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time.

Headquartered in Toronto, Sears Canada had 94 department stores, 23 Sears Home stores and 10 outlets prior to the CCAA restructuring.

(The Canadian Press) 

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