THUNDER BAY – The city’s Sears store is not yet on the chopping block.
The company, seeking creditor protection under the Companies’ Creditors Arrangement Act, on Thursday announced it will close 59 stores nationwide.
The Intercity Shopping Centre location is not on the list that includes 15 Ontario locations, including Timmins, Brockville, Sault Ste. Marie, Orangeville, Cambridge, Chatham and Cornwall. Sears Home stores in London, Scarborough, Kingston, Ottawa East, Windsor and Orillia will also be shuttered under the move.
Under terms of the initial order, which provides a 30-day stay of proceedings for Sears Canada Group, the company has been authorized to obtain debtor-in-possession financing totaling $450 million.
The company, in a statement, said it hopes to exit CCAA protection sometime this year and be “better positioned to capitalize on the opportunities that exist in the Canadian retail marketplace.”
The company also says it has been reinventing itself for the past 18 months.
Trading in the company’s common shares has been suspended by both the TSX and NASDQ.
