mackaycartoons

Graeme MacKay's Editorial Cartoon Archive

  • Archives
  • DOWNLOADS
  • Kings & Queens
  • MacKaycartoons Inc.
  • Prime Ministers
  • Special Features
  • The Boutique
  • Who?
  • Young Doug Ford
  • Presidents

department store

Friday June 23, 2017

June 22, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday June 23, 2017

Sears Canada to close 59 stores, lay off 2,900 in restructuring

Sears Canada plans to close 59 stores and eliminate 2,900 jobs across the country as part of a court-supervised restructuring process.

Shares in Sears Canada were halted Thursday morning after the retailer applied for and was granted protection from its creditors under the Companies’ Creditors Arrangement Act — the law that covers insolvency proceedings.

The move gives the retailer 30 days to restructure itself, which includes $450 million in debtor-in-possession financing to fund the company while it restructures, a process that will include closing dozens of locations and laying off thousands of workers.

The chain will axe 20 full Sears stores, 15 Sears Home Stores, all 10 outlet stores and 14 Sears Hometown stores — roughly one-third of its current retail footprint.

All other Sears locations will remain open, the chain said, and the company “plans to continue to operate a large number of stores, continue to maintain significant employment, and to service its customers across Canada,” Sears said in a court filing.

About 500 office positions at the company were to be eliminated immediately. The remainder of the job losses will come as Sears closes stores. As of May 30, the company employed approximately 17,000 people, with 10,500 in part-time positions and the rest working full-time.

Trading in the shares was halted before the Toronto Stock Exchange opened on Thursday, pending news. Minutes later, Sears Canada announced its plan in a press release. (Source: CBC) 

 

SaveSave

Posted in: Canada Tagged: bankruptcy, Canada, corporation, department store, drone, hedge fund, retail, Sears, technology

Please note…

This website contains satirical commentaries of current events going back several decades. Some readers may not share this sense of humour nor the opinions expressed by the artist. To understand editorial cartoons it is important to understand their effectiveness as a counterweight to power. It is presumed readers approach satire with a broad minded foundation and healthy knowledge of objective facts of the subjects depicted.

  • The Hamilton Spectator
  • The Toronto Star
  • The Globe & Mail
  • The National Post
  • Graeme on T̶w̶i̶t̶t̶e̶r̶ ̶(̶X̶)̶
  • Graeme on F̶a̶c̶e̶b̶o̶o̶k̶
  • Graeme on T̶h̶r̶e̶a̶d̶s̶
  • Graeme on Instagram
  • Graeme on Substack
  • Graeme on Bluesky
  • Graeme on Pinterest
  • Graeme on YouTube
New and updated for 2025
  • HOME
  • MacKaycartoons Inc.
  • The Boutique
  • The Hamilton Spectator
  • The Association of Canadian Cartoonists
  • The Association of American Editorial Cartoonists
  • You Might be From Hamilton if…
  • Young Doug Ford
  • MacKay’s Most Viral Cartoon
  • Intellectual Property Thief Donkeys
  • Wes Tyrell
  • Martin Rowson
  • Guy Bado’s Blog
  • National Newswatch
...Check it out and please subscribe!

Your one-stop-MacKay-shop…

T-shirts, hoodies, clocks, duvet covers, mugs, stickers, notebooks, smart phone cases and scarfs

2023 Coronation Design

Brand New Designs!

Follow Graeme's board My Own Cartoon Favourites on Pinterest.

MacKay’s Virtual Gallery

Archives

Copyright © 2016 mackaycartoons.net

Powered by Wordpess and Alpha.

Social media & sharing icons powered by UltimatelySocial
 

Loading Comments...