So what was the point of their Off-Price concept, the Queen West pop-up shop and What The Sears? renovations when there are no stores left to visit?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)
Yep. Re their Avalon Mall location, St. John’s was basically a captive market for them as the only traditional department store left in Newfoundland. During the oil boom a few years ago, this might have created an opening for Hudson’s Bay to come in, but it may be a longshot in the current economic environment there.Polo Park and Fairview Pointe-Claire are very strong malls in their markets. Polo Park is the most prestigious mall between Toronto and Calgary.
Sears Canada is dumping the rest of their best properties. It's over.
Sorry. Here are some key quotes:Gah. That article is behind a paywall.
In a letter this week from his lawyer obtained by The Globe and Mail, Mr. Stranzl says Sears's decision to sell its "crown jewels" – among them its 11 best stores – and let go of 1,200 more employees was made without consulting him even though the stores were included in the bid he is leading on behalf of a management group to keep Sears running. Mr. Stranzl estimates the 11 Sears stores whose leases are now earmarked to be sold – if the court gives its blessing to the sale agreements on Wednesday – would contribute more than 90 per cent of earnings (before interest, tax, depreciation and amortization) in the first year of his business plan to keep Sears and save thousands of jobs, the letter says.
Sears has been racing to close deals to sell its assets, making it more difficult for Mr. Stranzl's offer to get off the ground. Sears says it rejected his initial bid and a subsequent one because their financing and due diligence conditions were not firm enough.
Mr. Stranzl's management bid is the only one among about 70 that Sears received that contemplates the retailer continuing as a going concern, while the others would break it up and sell off assets in pieces to others.
On Monday, Sears said it would ask Ontario Superior Court on Wednesday to approve an agreement to sell its profitable Corbeil appliance division. Late on Friday, the retailer filed a flurry of other deals. The company has not disclosed proposed sale prices.
The agreements include selling the 11 store leases, a distribution centre in Calgary (to Indigo Books & Music Inc.), rights to the Viking trademarks (to Canadian Tire Corp. Ltd.), its transport division, and three home services businesses. Sears will ask the court to give the nod to all those agreements.
Mr. Stranzl asked for Monday's meeting with Sears and its advisers, suggesting his bid's purchase price would have to drop because of Sears's deals to divest its best assets.
His bid of about $300-million would be secured by inventory and owned properties and entail about $350-million in assumed debt, sources have said.