Sears Canada to close all stores - WAOW - Newsline 9, Wausau News, Weather, Sports

Sears Canada to close all stores

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(CNN)--About 12-thousand Sears employees in Canada will soon lose their jobs.

After filing for bankruptcy in June, Sears Canada is planning on closing its remaining 130-stores.

The company is asking a court permission to liquidate all of its assets.

A memo Wednesday told employees that, not only will they lose their jobs, but their benefits will end as soon as they are terminated.

One Sears executive blamed the situation on the current "state of the retail market."

But some store managers say the company mismanaged cash trying to reinvent itself with renovations, new store formats and clothing lines.

If the court approves, liquidation sales could start as early as next week.

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