I don't think anyone believes Sears will be around, at least in anything resembling its current form or under its current ownership, much longer.
I know some folks who work at their head office. Morale is poor to say the least.
There's some sense internally that Sears has 2 salvageable components in Canada, a fairly robust ecommerce business through sears.ca and the rural pick-up locations for orders.
But even those are under invested in and underperforming their potential.
Salvaging them almost certainly would require new leadership/ownership.
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The retail end, in terms of full-line department stores is all but toast.
The shakeout for many malls, particularly smaller, small town, or B-level properties will be tough if Sears executes and across the board shutdown.
I don't see HBC picking up many locations, as for the most, if the mall is worthwhile, HBC is already there.
There may be the odd property in a better mall where HBC might add Sak's or where Nordstrom or Simons could show interest.
But what do you do w/those lesser properties?
I don't see any logical void filler.
Target might well have been the right fit, had they not fumbled the ball so badly here; but I think the odds on them returning to Canada in the next decade are fairly close to zero.
