Canadian government to step in to avoid liquidation of Sears Canada
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Sears Canada is undergoing tough time since last few years partially due to the bad management decisions and changing retail landscape. The company filed for creditor protection in June 2017 following which it has been coordinating with the court-appointed monitor to restructure its operations and meet creditor's requirements. In last few months, Sears Canada closed and liquidated over 60 stores to meet its cash needs which had led to layoffs of more than 3000 employees.
On Oct 10, 2017 Sears Canada announced that they are applying to the Ontario Superior Court for approval to liquidate all of its remaining stores and assets, marking an unceremonious end for a former industry icon that will leave thousands of employees without work. It has been reported that this will cause a loss of over 13,000 full-time and part-time jobs that cater to an entire demography of the population comprising young employees to the ones that have worked with the company for over 30 years.
Mr. Brandon Stranzl, former executive chairman of Sears Canada stepped down in Aug 2017 to launch a bid to take over Sears Canada. He has made series of bids which have been rejected by the court-appointed monitor. The rationale given is that complete liquidation would generate better returns for the creditors. The court-appointed monitor failed to give due consideration to thousands of job losses.
I, on behalf of my family and friends who are currently employed at Sears Canada, request Canadian government to step in and help the company during this tough time. This will secure employment to thousands of middle-class Canadians who are already facing tough job market especially in Western Canada including Alberta and B.C. due to the oil crisis.
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