Avalon Mall Sears Store Axed
A staple in the Avalon Mall will soon be no more.
The Corner Brook Sears store is closing today and in a release from Sears Canada today, the St. John's store will also close along with another 10 across Canada.
This means that there will be no more Sears Department Stores in Newfoundland and Labrador.
On June 13, 2017, citing that there were "material uncertainties" over whether the company would have enough cash flow to meet its financial obligations over the next year, and "significant doubt as to the company's ability to continue as a going concern", Sears Canada announced that it had hired advisors to explore a potential restructuring or sale of the company.
On June 22, 2017, Sears Canada announced that it had commenced Court-supervised restructuring proceedings under the Companies' Creditors Arrangement Act, and that it would close a total of 59 stores (including 20 department stores, 15 Sears Home stores, 14 Sears Hometown stores, and 10 Sears Outlet stores) over an unspecified time period.