All remaining Sears Canada stores will close their doors for good today, including 17 in Ontario.
Sears Canada says its remaining stores will close their doors for good today.
The long-time staple of Canada’s retail landscape declared bankruptcy last year and announced in the fall that it would liquidate its remaining stores and lay off thousands of employees.
The department store chain had been in business in Canada since 1953, but struggled in recent years to adapt to the internet age.
Sales began in October, 2017 and only a fraction of the retailer’s locations across Canada remained open to the bitter end.
The chain’s closure sparked a number of controversies.
Sears Canada planned to dole out millions of dollars in retention bonuses to head office staff while grappling with a more than $260-million shortfall in its pension plan.
The company originally wanted to pay a total $7.6 million to 43 top employees, but revised that to a total of $6.5 million to 36 employees after a backlash.
Retail analysts found many problems with how Sears approached the market, particularly in recent years. Barry Nabatian says the department store’s closure is a reminder that the company didn’t adapt quickly enough to the shifting retail landscape.
The analyst said Sears had a business model that was outdated, and while they made changes toward the end to reach younger customers, it was “too little, too late.”