After exhausting efforts to work out a potential deal that could have saved the retail chain, Sears Canada announced that it is going out of business. The chain currently employs around 12,000 people that will soon be out of work in the coming weeks.
The company has already closed 59 stores, and announced that it would be closing 11 more. Sears is currently working on getting court approval to liquidate the rest of its assets following the closure of all of its stores.
Sears Canada to ask court to start total liquidation. Says "no viable" offer was received. Liquidation to start around Oct. 19
— Paige Ellis (@paigesellis) October 10, 2017
It is reported that the company’s thousands of employees will be let go over a period of 10-14 weeks, and that they were notified of this prior to the announcement of the chains closure. They said in a brief press release, “the company deeply regrets this pending outcome and the resulting loss of jobs and store closures.”