Once one of Canada's biggest retailers, Sears Canada is going out of business. From its height of over 6 billion in sales in 2001 to Chapter 7 bankruptcy liquidation i 2017, the fall of this staple of the Canadian retail market is stunning.
Just like bits American counterpart, Sears Canada has not been able to keep up with the changes in the retail sector. Unlike its American counterpart, which to date is barely surviving, Sears Canada couldn't use
However, Sears Canada quickly realized that it could not restructure sufficiently to continue operations. As such it filed Chapter 7 bankruptcy in October 2017 to liquidate assets and debts, ceasing operations after the Christmas season. This may be a harbinger of the future for Sears and Kmart USA.
This is a really fascinating story. It will have a significant impact on the Canadian retail sector. For more, see the video above or see the links below. Merry Christmas Canada.
Market Watch on Chapter 11 bankruptcy filing.
NY Post on Chapter 11 bankruptcy filing
CNN Money on the Chapter 7 bankruptcy liquidation.
Toronto Star on Chapter 7 bankruptcy filing.
Sears Canada's annual reports (like a FCC filing in US)