Under the court-supervised plan, Sears Canada will close 20 full-line department stores, 15 Sears Home stores, 14 Sears Hometown locations and all 10 of its Sears Outlet stores.
The Sears logo is seen on the side of a store March 24, 2005 in San Bruno, California.
MENTOR, Ohio- Sears is closing two of its stores in Northeast Ohio. Shareholders agreed on Kmart Holding Corp.'s $12.3 billion acquisition of Sears, Roebuck and Co., helping the two struggling rivals to combine into the nation's third-largest retailer. A liquidation sale will begin June 30, while the auto center will be converted to a DieHard Auto Center.
The Toronto-based real estate trust says seven of the 59 announced Sears closures are in RioCan properties and represent 0.4 per cent of the trust's annual rental revenue. Sears closed 240 stores past year and 53 in 2015. There have been about 5,300 store closing announcements so far this year, according to Fung Global Retail & Technology, a retail think tank.
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Sears acknowledged in March that there was "substantial doubt" it would survive on its own, though the company said its cost-cutting maneuvers and other retail strategies would greatly improve its chances of carrying on. Sears Canada filed for protection from its creditors under Canada's Companies' Creditors Arrangement Act, the equivalent of Chapter 11 bankruptcy, on Thursday.
Riefs declined to disclose the number of jobs that will be cut and the state has not yet released a Workforce Development Agency Notice.
TravelBrands, which owns Sears Travel, said it is consulting with its legal team before making a statement.