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Sears Canada Closing, Executive Chairman Resigns
An Ontario Canada Superior Court approved the closure of all remaining Sears stores in Canada, following the Toronto-based retailer’s failed attempt to find a buyer. That prompted its executive chairman, Brandon Stranzl, to resign from the board of directors.
A statement from Sears indicated “Over the past 18 months, Sears Canada had embarked on a reinvention plan that had begun to gain traction with customers. Unfortunately, despite the outstanding efforts of dedicated associates across the Company, Sears Canada does not have the financial resources to provide it with the time necessary to complete its reinvention.”
All 12,000 Sears Canada employees are expected to be let go, and liquidation sales are expected to begin this week. Sears Canada currently has 74 full department stores, eight Sears Home Stores and 49 Sears Hometown stores. Sears Canada is a separate entity from U.S.-based Sears Holdings Corp.
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