UPDATED: Sears Home To Close As Sears Obtains Creditor Protection
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Last updated: Thursday June 22nd, 2:55pm
Sears Home on Legacy Park Drive is one of many Sears stores to close after restructuring plans were announced by the company, Thursday.
Sears was granted a creditor protection order, Thursday morning, authorizing debtor-in-possession financing in the amount of C$450 million.
The financing is expected to provide the company with sufficient liquidity to maintain business operations throughout credit protection proceedings.
“Sears Canada Group will work to complete its restructuring in a timely fashion and hopes to exit [credit] protection as soon as possible in 2017, better positioned to capitalize on the opportunities that exist in the Canadian retail marketplace,” read a company statement.
Along with the Windsor Home Store closure, Sears Canada also announced the closure of 20 full-line locations, plus 14 other Sears Home Stores, 10 “Sears Outlet” and 14 Sears Hometown locations, as well as a corresponding planned reduction in its workforce of approximately 2,900 positions across its retail network and at its corporate head office in Toronto.
The Sears Store at Devonshire Mall is not impacted at this time.