Sears Canada is shutting down 59 locations across the country.
Twenty full-line locations, 15 Sears homes stores, 10 Sears Outlet stores, and 14 Sears Hometown locations will be closing as part of their restructuring.
This includes the local branch in downtown Fort McMurray.
The RMWB isn’t the only Alberta municipality losing their store. The Edmonton Skyview, Medicine Hat, Grand Prairie, Lloydminster, Red Deer through relocation, Leduc, Sherwood Park, Cold Lake, Spruce Grove, Okotoks, and St. Alberta are losing their branch.
In total, 2,900 jobs will be lost across Canada.
Sears Canada has also been granted creditor protection under the Companies’ Creditors Arrangement Act. The Ontario Superior Court of Justice is also authorizing $450 million in financial support.
In a release, Sears Canada notes “the DIP Financing is expected to provide the Sears Canada Group with sufficient liquidity to maintain business operations throughout the CCAA proceedings.”
They note they expect to end the CCAA protection sometime in 2017.
Mix News did reach out to the Fort McMurray store but they didn’t want to comment at this time.