Beleaguered retailer Sears Canada is closing 59 stores and laying off some 2,900 people, and among the casualties is the Home Store in Sudbury.
The court-ordered restructuring comes in the wake of the insolvent retailer applying for and receiving a creditor protection under the Companies' Creditors Arrangement Act.
Sears has a month (30 days) to restructure. Its continued operation in the meantime is facilitated by $450 million in financing (so-called debtor-in-possession financing).
As part of the process, Sears is shuttering 20 Sears stores, 15 Sears Home Stores, its entire outlet division (10 stores) and 14 Sears Hometown stores.
The remaining Sears brand stores will remain open.
Among the Home Stores to close is the Sudbury location, off Marcus Drive in the big box development on the hill.
The store was opened in the spring of 2006.
