Sears Canada to close 59 stores, cut 2,900 jobs

Sears Canada has managed to get a stay order from the Ontario Superior Court of Justice. The company said it will continue to work to complete its restructuring in a time to exit CCAA protection. As a part of the restructuring plan, the company would be closing 20 full-line locations, 15 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.