Sears Canada has announced that liquidation sales of its stores will begin on Friday, July 21.
Starting today, customers can take advantage of liquidation savings up to 50% at 54 stores (20 full-line, 15 Sears Home, 10 Outlet, and 9 Hometown locations) across the country.
Deals will be available on all merchandise including men and women’s apparel, children’s wear, footwear, bed and bath, home décor, fitness and recreation, toys, furniture, mattresses, major appliances, hardware, luggage and more.
The liquidation will take place at the following Sears locations across Canada:
In June, Sears Canada announced it would be close 59 of its stores and lay off 2,900 workers as part of its restructuring plan.
The move comes after the company announced it applied to the Ontario Superior Court of Justice (Commercial List) for protection under the Companies’ Creditors Arrangement Act.
The decision is a result of company concerns around the inability to overcome the challenging retail marketplace and continue with its reinvention plan, which began last year and included a new logo.
Its net loss for the first quarter was $144.4 million, more than double during the same period last year. As well, revenues have dropped by approximately $90 million to $505.5 million, representing a decline of 15.2%.
Sears blames three factors for the most recent losses:
- Planned and significant reduction in catalogues as a result of lower demand
- Products not being available on the new website because of ongoing technology changes
- Planned decline in the number of merchandise pick-up locations to reduce costs