Sears Canada shutters its final stores after months-long liquidation
Sears Canada says its remaining stores will close their doors for good today.
The long-time staple of Canada’s retail landscape declared bankruptcy last year and announced in the fall that it would liquidate its remaining stores and lay off thousands of employees.
Sales began in October, and only a fraction of the retailer’s locations across Canada remained open to the bitter end.
The chain’s closure sparked a number of controversies.
Sears Canada planned to dole out millions of dollars in retention bonuses to head office staff while grappling with a more than $260-million shortfall in its pension plan.
The company originally wanted to pay a total $7.6 million to 43 top employees, but revised that to a total of $6.5 million to 36 employees after a backlash.
© 2018 The Canadian Press