Sears Canada has announced that they will apply in the Ontario Superior Court to receive approval for the liquidation of all of their remaining stores in the country.
The company wants to start liquidating stores beginning October 19th. According to former Sears Canada CEO Mark Cohen, there could be a broader impact on the economy.
“This will have collateral damage in the vendor community, I’m sure,” said Cohen. “Although, I must say there can’t possibly be any vendors to Sears Canada who can be surprised by this news.”
Added Cohen, “I don’t think the department store genre necessarily is dead but the manner in which it has been handled in the last several decades is certainly at issue.”
Sears has already shut down many stores across the country, and has been unable to find any bidders who would be open to keeping the remaining stores in business.
Even as their company collapsed, Sears Canada CEOs disgracefully screwed their employees out of pensions and benefits they had been promised, while pocketing massive bonuses for themselves. As a result, there will be little sympathy for Sears Canada’s liquidation. That said, there should be sympathy for the hard-working employees who will lose their jobs because of the incompetence of the failed Sears Canada executives.
The liquidation of Sears Canada is also yet another sign that our economy isn’t doing as well as the establishment wants us to believe.