Sears Canada Files for BankruptcySears Canada Files for Bankruptcy

Sears Canada, and several of its subsidiaries, has filed for bankruptcy protection and will aim to restructure its business under the Companies’ Creditors Arrangement Act.

The retailer plans to close 20 full-line stores as well as 15 Sears Home, 10 Sears Outlet and 14 Sears Hometown locations across the country. The company also plans to reduce its workforce by 2,900 positions across its retail network and at its corporate head office in Toronto.

Specific timing of store closures has not been finalized; however, all other Sears Canada stores and Sears.ca will continue to be open for business.