Sears Canada Set to Close After Failing to Find Buyer

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Sears Canada moved a step nearer to permanent closure after several attempts to find a buyer failed, with the retailer saying it will seek court approval on Friday to shutter its remaining 130 stores, leaving 12,000 employees without jobs, Reuters reported. The retail chain is the latest victim of a widespread shift in consumer behavior demanding more convenience and up-to-date fashions that has seen nimble online operators such as Inc. claw market share from bricks-and-mortar retailers that have clung to their traditional business models. It also adds to the list of retail bankruptcies this year. Sears Canada, which began operations in Canada in 1952, expects liquidation sales to begin on about Oct. 19, and continue for 10 to 14 weeks, the Toronto-based company said in a statement on Tuesday. Weighed down by over C$1.1 billion ($879 million) in liabilities, almost matching its assets, and falling sales every quarter since it was spun off from Sears Holdings in 2012, Sears Canada filed for creditor protection in June. It laid out a restructuring plan that included cutting 2,900 jobs and closing roughly a quarter of its stores. Read more.