Sears’ troubled Canadian spinoff is soon to be no more. Following court approval on Friday, the 65-year-old retailer will begin liquidation sales before shutting its remaining 150 stores (down from 225 in June), putting 12,000 out of work. Sears Holdings chairman/CEO Eddie Lampert remains the chain’s largest shareholder, and follows the path of No. 2 discounter Target, which closed all its Canadian stores in 2015.
“Sears Canada Inc.
plans to liquidate its remaining stores with the loss of about 12,000 jobs, unable to fend off the march to online shopping after operating in malls and towns across the country for 65 years.