In a year where several retail mainstays have closed their doors or sought bankruptcy protection, it is still difficult to fully process today’s news. A few hours back, it was announced that Sears Canada would be closing its remaining stores. The company had sought bankruptcy protection a few months back and shuttered 59 locations at that time. The plan was to come up with a solution that would keep the company solvent and those remaining stores in business.
Unfortunately, it looks like that will not be the case. The closure announcement is especially sad for the 12,000 employees who are remaining after the previous round of closures and layoffs. The retail landscape has changed dramatically in the past few years and it is clear we are not done yet. When a giant like Sears Canada can no longer make a go of it, you know things have really turned a corner.
You may have experienced this feeling a few years back when Eaton’s, another Canadian retail behemoth, met a similar fate and closed its doors. These major companies were such an ingrained factor of shopping in Canada, it is difficult to imagine that they are now both gone.
Shopping malls have also been suffering in the past few years. Several took a big hit a couple years back when Target Canada closed its doors, leaving several large retail spaces unoccupied. Sears is the anchor store at several Canadian malls, so this nightmare will be repeating itself all over again for the owners of these particular shopping malls.
In about 10 days time, the remaining Sears outlets will begin to liquidate their stock. This will continue on likely until the end of the year. So, on the plus side, if you are looking for a bargain on Christmas presents, you may not have to look too hard.