Sears closing 59 stores, including Sears Home store in Windsor
Sears Canada Inc. plans to close 59 locations across the country, including the Sears Home Store on Legacy Park Drive in Windsor and the outlet in Chatham.
The struggling retailer says it will close 20 full-line locations, plus 15 Sears Home stores, 10 Sears Outlet stores and 14 Sears Hometown locations.
The Sears Home Store in London is closing, as well as the outlet in Cambridge. Here's a full list of the closures.
The announcement came after the company was granted temporary court protection from creditors under the Companies' Creditors Arrangement Act this morning.
Across the country, the company is expected to cut approximately 2,900 jobs under a court-supervised restructuring.
Under the plan, Sears Canada has been authorized by the Ontario Superior Court of Justice to obtain up to $450 million in financing to maintain operations throughout the restructuring.
The struggling retailer has piled up losses over several years and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time.
Headquartered in Toronto, Sears Canada had 94 department stores, 23 Sears Home stores and 10 outlets prior to the CCAA restructuring.
With files from The Canadian Press.