Sears Canada asking to start liquidating and closing all stores

[notlim]

It's the end of an era. http://www.cbc.ca/news/business/sears-liquidation-court-1.4347765

[bat119]

This happened a few months ago our store is already liquidated and closed

[notlim]

Select stores were closed as they were trying to restructure. They are now closing all stores.

[bobtodrick]

Man, I remember as a kid...couldn't wait till the sears Christmas catalogue arrived back in the sixties...literally spent hours going through the toy section.

[CaberTosser]

Having been in their tool department in the last two years it comes as no wonder, it was obviously dying then. That's too bad as Craftsman was a nice line of tools. I imagine the brand will be sold off and purchased by some conglomerate from China or India.

[gmcmax05]

Having been in their tool department in the last two years it comes as no wonder, it was obviously dying then. That's too bad as Craftsman was a nice line of tools. I imagine the brand will be sold off and purchased by some conglomerate from China or India.

Craftsman has been made in China for over 5 years

[Selkirk]

.
To most of the general public, this is a current event ... https://globalnews.ca/news/3794587/sears-canada-liquidation/

But to those of us who deal in the investment world, it's been expected (and considered "a given") for a long time now.
It was just a matter of 'When'.

Lots of long-time investors in Sears are losing their shirts, but it's the Sears employees who I feel for, the most.

Sad


Selkirk

[hunter64]

.
To most of the general public, this is a current event ... https://globalnews.ca/news/3794587/sears-canada-liquidation/

But to those of us who deal in the investment world, it's been expected (and considered "a given") for a long time now.
It was just a matter of 'When'.

Lots of long-time investors in Sears are losing their shirts, but it's the Sears employees who I feel for, the most.

Sad


Selkirk

And usually most of the management give themselves a huge package when they leave so they wont be hurt at all.

[Selkirk]

And usually most of the management give themselves a huge package when they leave so they wont be hurt at all.




Yes, that sometimes happens ... but it's not likely in this case. The bankruptcy proceedings and liquidation of remaining assets are being strictly controlled and supervised by agents of the court. And there's probably little to no money left in the kitty, anyway.


For those AOF members interested in the Craftsman Brand, Sears sold it to Stanley Black & Decker in January of this year, for ~ $900mil.
Link ... http://www.businessinsider.com/sears-sells-craftsman-brand-for-900-million-2017-1



Selkirk

[Okotokian]

Man, I remember as a kid...couldn't wait till the sears Christmas catalogue arrived back in the sixties...literally spent hours going through the toy section.


Ahhh the "Wish Book". A classic fall staple in our house... as was my little brother cutting out the bra models and taping them to his headboard. Well once anyway. Mom saw to it that it only happened once. :sHa_shakeshout:

[bobtodrick]

Ahhh the "Wish Book". A classic fall staple in our house... as was my little brother cutting out the bra models and taping them to his headboard. Well once anyway. Mom saw to it that it only happened once. :sHa_shakeshout:

I've been involved in photography all my life.
Once (in the late 70's) I was the Edmonton photographer for the Bay (they had a full advertising dept on the 3rd fl of the downtown store).
Every Tuesday was 'bra and panty' day.
Man I loved going to work on Tuesdays.

[Homesteader]

Man, I remember as a kid...couldn't wait till the sears Christmas catalogue arrived back in the seventies...literally spent hours going through the lingerie section.


Fixed it for you :)

Sad to see the icons of business going down.

[Scott N]

There have been a lot of Canadian retailers close.... Zellers, Sears.... any one remember Woolco? I bought my first shotgun from the Woolco in Lethbridge back in the day.

[lmtada]

Sears employees have been Searsed . Stick fork in it. Retail is done. Target, wholesale, Sears, goes on and on. Business model has changed. I feel for 12000 employees that are done. No severances, no pension. Gone, kaput. God Bless all.

http://www.greaterfool.ca/2017/10/10/revenge-4/

[Don K]

Man, I remember as a kid...couldn't wait till the sears Christmas catalogue arrived back in the sixties...literally spent hours going through the toy section.

Ya the Sears Christmas catalogue was always great. That and the catalogue from Consumer Distributing. That was always a good one too

[Bigwoodsman]

Ya the Sears Christmas catalogue was always great. That and the catalogue from Consumer Distributing. That was always a good one too

Catalogue's in the mail, makes me feel old. Used to get Sears, Eatons, SIR, princess auto, consumers distributing, and a few others.

My eight year old doesn't even know what a catalogue is!

BW

[bobtodrick]

Fixed it for you :)

Sad to see the icons of business going down.

Okay...I like that 😜

[hayseed]

Yep pretty sad...

[huntsfurfish]

Man, I remember as a kid...couldn't wait till the sears Christmas catalogue arrived back in the sixties...literally spent hours going through the toy section.

X2


There have been a lot of Canadian retailers close.... Zellers, Sears.... any one remember Woolco? I bought my first shotgun from the Woolco in Lethbridge back in the day.

Yup , I remember.

and

Toys R Us is also in trouble.

[Scott N]

X2




Yup , I remember.

and

Toys R Us is also in trouble.

Pretty soon everything is going to be mail order!

[calgarygringo]

Just saw on my news feed Chilis restaurants shutting down in Alberta.

[amosfella]

There have been a lot of Canadian retailers close.... Zellers, Sears.... any one remember Woolco? I bought my first shotgun from the Woolco in Lethbridge back in the day.

Does anyone remember Woodwards?? I liked that store... Most people in Lethbridge don't get the reference to the 'Woodward's' mall anymore...

[calgarygringo]

Don't forget The Bay is only hanging on by a thread too.

[Gray Wolf]

Outfits like Costco, Canadian Tire, Walmart, Home Depot, etc., are doing just fine!

Go figure :confused0024:
.

[fordtruckin]

There have been a lot of Canadian retailers close.... Zellers, Sears.... any one remember Woolco? I bought my first shotgun from the Woolco in Lethbridge back in the day.

That’s a store I haven’t heard mention of in probably a decade. Sad all the places I remember as a kid are slowly disappearing.

[Scott N]

Does anyone remember Woodwards?? I liked that store... Most people in Lethbridge don't get the reference to the 'Woodward's' mall anymore...

I'm one who gets it.... I used to work at a camera store at "Lethbridge Centre Mall" aka Woodwards Mall! :)

[Homesteader]

Does anyone remember Woodwards?? I liked that store... Most people in Lethbridge don't get the reference to the 'Woodward's' mall anymore...

I do remember Woodwards, but the one at Southgate. They had the best malts ever, and an awesome candy counter. Not to bad for fishing gear either.

Before that I remember it was a drive in, but those are another blast from the past. Getting older is better then the alternative.

[Sundancefisher]

There have been a lot of Canadian retailers close.... Zellers, Sears.... any one remember Woolco? I bought my first shotgun from the Woolco in Lethbridge back in the day.

Memories

I was a janitor once upon a time at Woolco.

[58thecat]

Man, I remember as a kid...couldn't wait till the sears Christmas catalogue arrived back in the sixties...literally spent hours going through the toy section.

Yup, had the corners folded for my wish list, funny as I got older it went from the toy section to the lady's clothing section :scared0018:

Sears brought in on themselves over the years not keeping up with the times.:(

[calgarygringo]

Nice: I have to give them some credit too. Back in the late 70's they transferred me out to Calgary from Winnipeg to manage their new so called monster 100,000 sq ft Western distribution centre. They gave me my first job out of high school and started my work career for me. As much as I didn't stay with them forever out here it did get to Calgary where I have lived for almost 40 years now.

Memories

I was a janitor once upon a time at Woolco.

[huntsfurfish]

And Kresge's

[Scott N]

And Kresge's

Oh yeah, I forgot about them, and I'm sure a number of others.