Science

Sears Canada asks court for more time to close deal with chairman

Sears Canada asks court for more time to close deal with chairman”

The Canadian retailer has entered into a number of lease surrender agreements and a lease amending agreement that - if approved - will result in the closure of three stores across B.C., according to a statement released Friday.

The Garden City Shopping Centre outlet location was already on the chopping block and is set to close October 17.

Sears said about 1,200 employees will lose their jobs due to the latest impending closures across the country.

The company, which in 2012 was spun off from US retailer Sears Holdings Corp, filed for creditor protection in June and laid out a restructuring plan that included cutting 2,900 jobs and closing roughly a quarter of its stores.

Another 2,900 workers were to lose their jobs stemming from the June announcement.

As the company continues to move towards restructuring, its hoping to extend the stay period from October 4 to November 7.

The Sears stores at Fairview Mall in Toronto, Scarborough Town Centre and Oakville Place will also be closed, along with six other Sears department stores across Canada.

It has been a hard time for Nanaimo's retail sector, as another big box operator, Wholesale Sports, announced earlier in September it would also be going out of business locally.



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