Sears Canada will be closing its stores in Saint John and in Bathurst, an announcement that comes as the company has officially been granted creditor protection. The Dieppe store appears to be safe, for now.
As part of restructuring, a total 59 locations are being closed: 20 full-line locations, 15 Sears Home stores, 10 Sears Outlet Stores and 14 Sears Hometown locations. The specific timing of the closings has not been determined yet.
As well, about 2900 positions will be cut across its retail network and at its corporate head office in Toronto.
The company applied to the Ontario Superior Court of Justice in an effort to continue its plans to restructure its business. Sears Canada stocks plunged earlier today, amid word that the company would seek creditor protection.
Sears has lost more than $528-million in the past three years and sales have been declining since 2012.
