Sears Canada has announced that it will be closing four stores in Saskatchewan. The move comes as the retail giant applied for creditor protection Thursday morning in order to restructure its business.
As part of the creditor protection, Sears will be closing 59 stores across Canada, including their main stores in Regina, Moose Jaw and Prince Albert. The Hometown store in Melville is also on the chopping block.
The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are shirking bricks-and-mortar in favour of online shopping.
Sears Canada said if the Ontario Superior Court of Justice grants it creditor protection, it will try to complete its restructuring and aim to exit protection as soon as possible this year.
Headquartered in Toronto, Sears Canada has 94 department stores, 23 Sears Home stores and 10 outlets.
The Sears Home Store in Regina is not on the list of stores slated to close. Neither is the main department store in Saskatoon.
The company has not said when the Saskatchewan stores will shut their doors for good.
