Sears Canada has announced it plans to close 59 locations and cut approximately 2,900 jobs across the country, but the store in North Bay will not be affected. The moves come as part of Sears plan to restructure its business under court protection from creditors.
The rest of Northern Ontario didn’t fare as well, with locations in Sudbury and Sault Ste. Marie slated to close. 20 full-line locations, 15 Sears Home stores, 10 Sears Outlet stores and 14 Sears Hometown locations are all a part of the closures.
Sears has struggled of late, piling up losses and seeing its stock lose more than 80 per cent of its value in the last year. The company sent out warning signs last week there was significant doubt about its future, and that it could be sold or restructured.
