Canada column for Sunday, Oct. 15/17
THE CANADIAN REPORT
(c) By Jim Fox
Sears Canada, a retailing giant here for 65 years, will soon be no more.
The company is winding up its business, closing the remaining 130 stores and ending the jobs of 12,000 employees. It closed 59 stores and laid off 2,900 workers in June.
Sears received court approval Friday to liquidate its remaining stores as no viable buyer could be found for the struggling retailer.
Judge Glenn Hainey of the Ontario Supreme Court said he was satisfied there was no viable alternative after restructuring attempts and a sale failed to materialize after it received protection from creditors in June.
Retail analysts said Sears was unable to adapt to a changing marketplace as it lost customers to Walmart, Canadian Tire, Best Buy, Costco, Winners and Amazon.
The company had sales declines for more than a decade after being given a lifeline with the demise of iconic department store chain Eaton’s in 1999 when Sears bought its remaining assets.
Sears Canada began as Simpsons-Sears in 1952 with a mail-order business in partnership with Sears Roebuck Co. of Chicago. It was spun off from U.S. based Sears Holdings in 2012.