Sears in P.G. Spared from Store Closures
Prince George, B.C. – Sears Canada has announced its closing 59 locations and cutting around 2,900 jobs as part of its plan to “reinvent” its business.
The closures – which include 20 full-time locations, 15 Sears Home stores, 10 Sears Outlet Stores and 14 Sears Hometown locations – will touch provinces across the country though its Prince George location has been spared (for full list of closures see below).
In a statement on its website, Sears says its been granted an order from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act.
The company notes “the Initial Order provides for a stay of proceedings in favour of the Sears Canada Group for an initial period of 30-days, subject to extension thereafter as the Court deems appropriate.”
Sears says the Initial Order also authorizes Sears “to obtain debtor-in-possession financing in the aggregate principal amount of $450 million.”
The company adds work will continue in its bid to restructure “in a timely fashion” with hopes “to capitalize on the opportunities that exist in the Canadian retail marketplace.”