Despite having operated under credit protection since 22 June, Sears Canada has failed to find a way to save the company, resulting in the retailer announcing that it will be liquidating.
The liquidation of the company will see its 12,000 employees laid off, with its 800 head office workers to be amongst the first to lose their jobs.
“Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received,” Sears Canada said.
“The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures.”
The firm already closed 59 stores and announced the shutdown of further 11 since obtaining creditor protection in June. The company begin liquidation sales at its remaining 150 stores from 19 October, set to last anywhere between 10 to 14 weeks.
The demise of Sears Canada is the latest retail firm to see a downturn in the face of the growing ecommerce market, as both customers and merchants increasingly move the focus of their operations online.
Sears had seen nine years of sales declines and losses before its liquidation announced this week.