CORNWALL, Ontario – An employee of the Sears Outlet store in the Cornwall Square who wishes to remain nameless, has informed Seaway News that the store will be closed by Sunday, Sept. 24.
Sears Canada had announced on Thursday, June 22 that the outlet store in Cornwall will be closing, but until now, there was no specific date given.
The announcement came as the company filed for bankruptcy protection from its creditors under the Companies’ Creditors Arrangement Act (CCAA).
“Over the past 18 months, Sears Canada embarked on a reinvention plan that has now begun to gain traction with customers,” the company stated in a press release in June. “The brand reinvention work Sears Canada has begun requires a long-term effort, but the continued liquidity pressures facing the Company as well as legacy components of its business are preventing it from making further progress and from restructuring its legacy assets and businesses outside of a CCAA proceeding,” the press release continued.
The store in Cornwall is one of 59 Sears locations that are closing across Canada.
The company says that it is necessary for it to seek bankrunptcy protection in order to pursue a massive restructuring plan, which store closures is a part of.
As of now, there is no word as to what will happen to the space that Sears currently occupies in the Cornwall Square mall. Sears is the largest tenant at the mall, with their outlet store occupying two floors.
