The announcement came after the company was granted temporary court protection from creditors under Ontario's Companies' Creditors Arrangement Act this morning. It said it plans to close 59 of its more than 200 stores, and to lay off 2,900 of its 17,000 employees as part of its restructuring efforts.
Riefs declined to disclose the number of jobs that will be cut and the state has not yet released a Workforce Development Agency Notice.
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The DIP Financing is expected to provide the Sears Canada Group with sufficient liquidity to maintain business operations throughout the CCAA proceedings. "Our members and customers can also shop at our other Sears and Kmart locations". The company's fixed costs are payable regardless of the revenues achieved under the Sears Agreement and the Amended Sears Agreement. New tenants were announced for one level of Sears at The Mall in Columbia, including Barnes & Noble and Main Event entertainment complex. A Sears Home store in Calgary is also closing.
The iconic American department-store chain has buckled under pressure from online competitors, having failed to reinvent its brick-and-mortar experience. Its Sears Home Store, on Legacy Drive, will be shuttered, but its Devonshire Mall department store will continue to operate. The specific timing for the store closures has not been determined.
The retailer said it plans to exit bankruptcy "protection as soon as possible in 2017, better positioned to capitalize on the opportunities that exist in the Canadian retail marketplace".