Sears Canada (1952-2017)

[jje1000]

End of the line, I guess. I wonder what will emerge from the veil of bankrupcy.

https://www.theglobeandmail.com/rep...-liquidation-sales-this-week/article35715517/

 

[DowntownCoder]

End of the line, I guess. I wonder what will emerge from the veil of bankrupcy.

https://www.theglobeandmail.com/rep...-liquidation-sales-this-week/article35715517/

This is just court approval to start liquidation sales for the closings previously announced. No more stores are being closed (yet) beyond those in the original creditor-protection announcement.

 

[Skeezix]

#BoycottSearsCanada: Retailer faces 'PR nightmare' over treatment of laid-off workers
Chain tries to attract customers during restructuring, but encounters online criticism

Sophia Harris, CBC News, 23 July 2017

 

[Northern Light]

#BoycottSearsCanada: Retailer faces 'PR nightmare' over treatment of laid-off workers
Chain tries to attract customers during restructuring, but encounters online criticism

Sophia Harris, CBC News, 23 July 2017

Were it feasible, I'd rather suggest boycotting Eddie Lampert's hedge fund.....

 

[Admiral Beez]

Such a shame. A neighbour of mine was a senior buyer for Sears Canada, whilst a friend was a senior manager responsible for Ops. Both are retired and likely seeing their pensions at risk. Anyway, the friend reminded me of all the things we used to buy at Sears. At my family cottage, for example we have a Sears Canada GameCatcher brand fishing boat.

 

[Amare]

In case anyone needed any further confirmation that the end is here, Uncle Eddie is about to sign out for good:

http://www.foxbusiness.com/markets/...sell-some-or-all-its-sears-canada-shares.html

 

[jje1000]

Sears Canada chairman steps down so he can bid to buy retailer
Company will also set up $500,000 fund to pay employees who were denied severance

http://www.cbc.ca/news/business/sears-canada-brandon-stranzl-1.4250001

 

[AlvinofDiaspar]

That's pretty pathetic.

AoD

 

[Amare]

Well if he ever got his hands on it (which wont happen) that would instantly guarantee this company's demise.

Essentially what this means is that he's run out of ideas, and he's hoping someone will magically fix all of their problems so he can come back and buy it all. This shows he's in the exact same mold as Uncle Eddie.

 

[Skeezix]

More damage caused by the powers-that-be at Sears Canada, who have gutted the company, and funneled billions of dollars out of the company and out of the country to shareholders while simultaneously starving retail operations and underfunding the company pension.


Boys and Girls Club face funding shortfall as financially troubled Sears bows out
Agency facing a deficit of half a million dollars, meaning Canada’s vulnerable children may not get as many after-school activities
Toronto Star, 21 August 2017

 

[Skeezix]

As the retailer spiraled towards insolvency, chairman Brandon Stranzl still found the cash necessary to hire his wife for a senior management role from 2015 to 2017.

As Sears Canada head moves to launch bid, wife's role in company raises questions
Jennifer Stranzl’s contract as chief marketing advisor, which was never publicly disclosed, could cast a shadow over her husband’s reputation as he struggles to save the ailing retailer
Hollie Shaw, Financial Post, 31 August 2017

(h/t to Retail Insider)

 

[Consilium]

More damage caused by the powers-that-be at Sears Canada, who have gutted the company, and funneled billions of dollars out of the company and out of the country to shareholders while simultaneously starving retail operations and underfunding the company pension.


Boys and Girls Club face funding shortfall as financially troubled Sears bows out
Agency facing a deficit of half a million dollars, meaning Canada’s vulnerable children may not get as many after-school activities
Toronto Star, 21 August 2017

Why do you think Sears is declining? On Urban Toronto there have been references to Eddie Lampert.

 

[Northern Light]

Confirmation that Sears Scarborough Town Centre and Fairview locations are now slated for closure.

Not much left to pick off the bones. (with all due sympathy to front-line staff)

https://www.thestar.com/business/20...uding-fairview-and-scarborough-locations.html

 

[Skeezix]

Lime Ridge and Oakville also closing. So Sears is basically dead in the GTA.

 

[ShonTron]

Lime Ridge and Oakville also closing. So Sears is basically dead in the GTA.

Only Pickering, Oshawa, Bramalea, Erin Mills, Mapleview, Promenade, and Newmarket are left.