After an uncertain few months, Sears Canada has finally announced that they will be seeking court approval for liquidation. It’s expected that the court will approve their proposal by Friday, thus beginning the process that will close their remaining 130 stores, putting approximately 12,000 employees out of work.
It was just this past April that the company announced it would be ‘reinventing its brand, its product and its stores… also its culture’ in a statement that used the word ‘reinvent’ way too many times to stomach. They tried their best to distance themselves from the department store taboo by setting up a pop-up store. The pop-up seemed at the time to do well, though even then there was speculation that it wouldn’t be enough to turn the failing company’s image (and finances) around. Low and behold, turns out the critics were right: Sears sought protection from its creditors from Ontario court in June and moved to liquidate 54 stores across the country in mid-July. After failing to find a buyer, the company is now forced to liquidate all remaining stores and assets.
Sears to me in April: we’re reinventing the business, no staff should worry.
Sears today: We’re closing every store & laying off 13,000 pic.twitter.com/ONBLTHUGbZ
— Richard Southern (@richard680news) October 10, 2017
A staple in Canadian malls since it first set up shop in the 1950s, Sears has struggled with the changing retail market. You would think that one of the companies that pioneered catalogue shopping would have been on the cutting edge of retail, but it seems they just didn’t progress fast enough to stay relevant. While many have bemoaned the fact that we won’t be seeing those familiar navy letters around our malls anymore, there are 12,000 Canadians out of a job. Sears Canada’s only statement on that matter is: ‘The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures.’ Looks like those employees may be left in the lurch.
— The Beaverton (@TheBeaverton) October 10, 2017
Here’s the good news for consumers though: SALES. According to a statement, liquidation sales will likely start on October 19 and continue for 10 to 14 weeks. No word yet on how good the deals will be, but when they liquidated those 54 stores in July, discounts didn’t go above 50 per cent, which was strange. Hopefully they’ll give some better discounts this time around–that just might make them the perfect Holiday shopping destination.
So long, Sears, thanks for all the Christmas catalogues.