Once a titan of Canadian retail, Sears Canada announced Tuesday that it is going out of business, putting 12,000 people out of work and shuttering all operations nationwide. Among the first to lose their jobs will be most of the 800 people at head office near Dundas Square, who will be let go next week. Liquidation sales at stores are scheduled to begin Oct. 19 and to take 10 to 14 weeks. More on Sears CanadaThe chain was forced into closure after a bid by executive chairman Brandon Stranzl to save the company was unsuccessful. “Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received,” according to a press release from the company issued Tuesday.

Source: thestar October 10, 2017 16:46 UTC