Nope and im happy about that fact
I'm smart enough to not have had a kid who would be born hooked up to an IV of methadone.
Future of Sears Canada looks grim, posts $144-million loss
- Thread starter spaminator
- Start date
Nope and im happy about that fact
I'm smart enough to not have had a kid who would be born hooked up to an IV of methadone.
I can't believe the Chilliwack Sears Store is not on the list of those to close. I haven't shopped much there, but the place is pretty well empty when i go in. It seems they've steadily reduced their floor inventory and don't offer near the choice, or in most cases the value, of the Big Ticket Big Box operations that operate in the same area. It's still a place where you can find higher end quality merchandise of small ticket items, as compared to Walmart.
Sears Canada's 9.2 million retention bonuses for execs 'absolutely unacceptable,' laid off worker says
Ian Bickis, THE CANADIAN PRESS
First posted: Friday, July 14, 2017 03:52 PM EDT | Updated: Friday, July 14, 2017 03:58 PM EDT
Sears Canada’s plan to pay out millions in bonuses to keep execs and key staff on board while not paying severance to laid-off workers is being met with shock and disbelief.
“It definitely should not go to them,” said Marinella Gonzalez, who worked as a planner at the retailer’s head office for 18 years before getting laid off in June with no severance.
“This situation happened because of mismanagement, and it should not be the workers that have to pay for that.”
Gonzalez said more needs to be done to protect and prioritize worker rights when companies get into trouble.
“This is not the Canadian way.... To be treated in this way is absolutely unacceptable. I think our government needs to step in and these corporations need to smarten up.”
Ken Eady, who spent 30 years at Sears before retiring, said news of the bonuses while not paying severances was just the latest development in a terrible situation.
“To see people being paid what might be millions of dollars in bonuses for staying seems so out of balance and so unreasonable that it’s beyond the pale,” said Eady, who now works to protect the pensions of retired Sears employees at the independent SCRG retiree association.
Sears Canada got court permission on Thursday to pay $9.2 million in retention bonuses as part of a compromise with retired employees that will see the company continue making some benefit and pension payments until Sept. 30.
The retailer had initially asked the court for permission to immediately halt payments for pension, health and dental benefits for laid off employees, retirees and surviving spouses due to a severe cash crunch.
Justice Glenn Hainey wrote in his approval of the $9.2 million in payments that the details should remain confidential. But the company estimated when it sought court protection in June that it would need to pay $7.6 million for key employees at head office and $1.6 million for managers of stores that are scheduled to be closed under the restructuring.
Sears Canada spokesman Joel Shaffer said the payments are common during the creditor protection process, and are designed to keep key employees motivated with performance indicators and incentives to successfully close stores.
He said the payments are designed to support the best possible outcome for the business and stakeholders, and that the situation could worsen without them.
Along with approving the deal between the company and former employees, Hainey also gave Sears Canada the green light to immediately proceed with reaching out to potential buyers while it’s under court protection from its creditors.
Sears Canada shocked many employees when it announced in June that it planned to close 59 locations across the country and cut approximately 2,900 jobs, without severance, while under the Companies’ Creditors Arrangement Act.
Employment lawyer Susan Ursel, whose firm represents more than 17,000 non-unionized former and current employees, said Thursday they continue to push for temporary hardship fund for those who are in dire need of cash and health benefits.
Sears Canada's 9.2 million retention bonuses for execs 'absolutely unacceptable,
Ian Bickis, THE CANADIAN PRESS
First posted: Friday, July 14, 2017 03:52 PM EDT | Updated: Friday, July 14, 2017 03:58 PM EDT
Sears Canada’s plan to pay out millions in bonuses to keep execs and key staff on board while not paying severance to laid-off workers is being met with shock and disbelief.
“It definitely should not go to them,” said Marinella Gonzalez, who worked as a planner at the retailer’s head office for 18 years before getting laid off in June with no severance.
“This situation happened because of mismanagement, and it should not be the workers that have to pay for that.”
Gonzalez said more needs to be done to protect and prioritize worker rights when companies get into trouble.
“This is not the Canadian way.... To be treated in this way is absolutely unacceptable. I think our government needs to step in and these corporations need to smarten up.”
Ken Eady, who spent 30 years at Sears before retiring, said news of the bonuses while not paying severances was just the latest development in a terrible situation.
“To see people being paid what might be millions of dollars in bonuses for staying seems so out of balance and so unreasonable that it’s beyond the pale,” said Eady, who now works to protect the pensions of retired Sears employees at the independent SCRG retiree association.
Sears Canada got court permission on Thursday to pay $9.2 million in retention bonuses as part of a compromise with retired employees that will see the company continue making some benefit and pension payments until Sept. 30.
The retailer had initially asked the court for permission to immediately halt payments for pension, health and dental benefits for laid off employees, retirees and surviving spouses due to a severe cash crunch.
Justice Glenn Hainey wrote in his approval of the $9.2 million in payments that the details should remain confidential. But the company estimated when it sought court protection in June that it would need to pay $7.6 million for key employees at head office and $1.6 million for managers of stores that are scheduled to be closed under the restructuring.
Sears Canada spokesman Joel Shaffer said the payments are common during the creditor protection process, and are designed to keep key employees motivated with performance indicators and incentives to successfully close stores.
He said the payments are designed to support the best possible outcome for the business and stakeholders, and that the situation could worsen without them.
Along with approving the deal between the company and former employees, Hainey also gave Sears Canada the green light to immediately proceed with reaching out to potential buyers while it’s under court protection from its creditors.
Sears Canada shocked many employees when it announced in June that it planned to close 59 locations across the country and cut approximately 2,900 jobs, without severance, while under the Companies’ Creditors Arrangement Act.
Employment lawyer Susan Ursel, whose firm represents more than 17,000 non-unionized former and current employees, said Thursday they continue to push for temporary hardship fund for those who are in dire need of cash and health benefits.
Sears Canada's 9.2 million retention bonuses for execs 'absolutely unacceptable,
Court grants Sears Canada approval to begin liquidation sales Friday
Linda, Nguyen THE CANADIAN PRESS
First posted: Tuesday, July 18, 2017 12:54 PM EDT | Updated: Tuesday, July 18, 2017 05:07 PM EDT
TORONTO — Liquidation sales at dozens of Sears Canada locations slated for closure could begin as early as this week after an Ontario court signed off on the plan Tuesday.
The sales can start Friday and run no later than Oct. 12 with the deep discounts happening only at the 59 department and Sears Home stores that have been slated for closure.
Sears lawyer Jeremy Dacks told the hearing to approve plan that it was “crucial” the retailer be permitted to begin sales of its merchandise, furniture, fixtures and equipment as soon as possible so it could “maximize” benefits for its stakeholders.
“It gives us certainty of recovery,” Dacks said in court.
The nearly 300-page motion was unopposed by the litany of lawyers involved in the proceedings, including those representing the company, the landlords, the monitor and current and ex-employees.
The majority of the sales will be overseen by a third-party liquidator with current employees being asked to stay on the job until the sales are complete and the locations are shut down.
Stores will be able to advertise the sales with signs that say “Everything On Sale,” “Everything Must Go,” and “Store Closing” or similar wording. However, the signs cannot say “Bankruptcy,” “Liquidation” or “Going out of Business,” according to the motion.
Sears Canada has been operating under court protection from creditors since June 22 when it announced its plan to shutter 59 stores and cut approximately 2,900 jobs.
Last week, Ontario Superior Court Judge Glenn Hainey gave the company the green light to begin the process of putting itself up for sale. He also gave the retailer approval to pay $9.2 million in retention bonuses to executives and other key employees.
The payout was part of a compromise with retired employees that will see Sears Canada continue making some benefit and pension payments to retirees until Sept. 30.
Founded in 1952, Sears Canada operates 239 locations, including department stores, Hometown stores, Home Stores, distribution centres and warehouses. It also owns 16 franchises under the Corbeil banner, a specialty major appliances chain. It said it hopes to exit court protection as soon as possible this year.
Court grants Sears Canada approval to begin liquidation sales Friday | Canada |
Linda, Nguyen THE CANADIAN PRESS
First posted: Tuesday, July 18, 2017 12:54 PM EDT | Updated: Tuesday, July 18, 2017 05:07 PM EDT
TORONTO — Liquidation sales at dozens of Sears Canada locations slated for closure could begin as early as this week after an Ontario court signed off on the plan Tuesday.
The sales can start Friday and run no later than Oct. 12 with the deep discounts happening only at the 59 department and Sears Home stores that have been slated for closure.
Sears lawyer Jeremy Dacks told the hearing to approve plan that it was “crucial” the retailer be permitted to begin sales of its merchandise, furniture, fixtures and equipment as soon as possible so it could “maximize” benefits for its stakeholders.
“It gives us certainty of recovery,” Dacks said in court.
The nearly 300-page motion was unopposed by the litany of lawyers involved in the proceedings, including those representing the company, the landlords, the monitor and current and ex-employees.
The majority of the sales will be overseen by a third-party liquidator with current employees being asked to stay on the job until the sales are complete and the locations are shut down.
Stores will be able to advertise the sales with signs that say “Everything On Sale,” “Everything Must Go,” and “Store Closing” or similar wording. However, the signs cannot say “Bankruptcy,” “Liquidation” or “Going out of Business,” according to the motion.
Sears Canada has been operating under court protection from creditors since June 22 when it announced its plan to shutter 59 stores and cut approximately 2,900 jobs.
Last week, Ontario Superior Court Judge Glenn Hainey gave the company the green light to begin the process of putting itself up for sale. He also gave the retailer approval to pay $9.2 million in retention bonuses to executives and other key employees.
The payout was part of a compromise with retired employees that will see Sears Canada continue making some benefit and pension payments to retirees until Sept. 30.
Founded in 1952, Sears Canada operates 239 locations, including department stores, Hometown stores, Home Stores, distribution centres and warehouses. It also owns 16 franchises under the Corbeil banner, a specialty major appliances chain. It said it hopes to exit court protection as soon as possible this year.
Court grants Sears Canada approval to begin liquidation sales Friday | Canada |
And, true to form, retention bonuses are being paid to keep those high-performing executives at work, while the people laid off get no severance.
Sears Canada liquidation sales begin at 54 locations across the country
THE CANADIAN PRESS
First posted: Friday, July 21, 2017 09:16 AM EDT | Updated: Friday, July 21, 2017 01:15 PM EDT
TORONTO — Shoppers queued up Friday in hopes of finding a deal as Sears Canada Inc. began liquidation sales at 54 locations that will be closed as part of a court-supervised restructuring that began last month.
Large red, black and yellow signs that proclaimed “everything must go” and “nothing held back” greeted bargain hunters who began lining up before the doors opened
Sears Canada says prices will be discounted by 20 to 50 per cent.
“We encourage consumers to shop early to take advantage of the best selection of products and great savings available throughout the stores while supplies last,” Gary Epstein, a spokesman for the liquidates group, said in a statement.
The sales — to be held across the country — are being run by a joint venture group including Hilco Global, Gordon Brothers, Tiger Capital Group and Great American Group.
In addition to the store merchandise, the liquidators will be selling fixtures, furnishings and equipment in the closing stores.
The liquidation sales are at 20 full-line, 15 Sears Home, 10 Outlet and nine Hometown locations in every province except Prince Edward Island.
In total, Sears plans to close 59 locations and cut about 2,900 positions before emerging from court protection.
Sears Canada has been under court protection since June 22. Under the Companies’ Creditors Arrangement Act, it’s looking for a buyer or investor while negotiating with lenders, landlords and other creditors.
Employees at the stores where the liquidation sales are taking place have been asked to stay on the job until the sales are complete and the location is shut down.
Sears Canada expects to finish the liquidation sales by Oct. 12 and hopes to complete its restructuring as soon as possible this year.
Once a retail stalwart, Sears Canada has struggled in recent years despite its efforts to adapt to the changes in the retail business.
The company has also been challenged by several changes in its executive leadership over the last four years.
Sears Canada liquidation sales begin at 54 locations across the country | Money
THE CANADIAN PRESS
First posted: Friday, July 21, 2017 09:16 AM EDT | Updated: Friday, July 21, 2017 01:15 PM EDT
TORONTO — Shoppers queued up Friday in hopes of finding a deal as Sears Canada Inc. began liquidation sales at 54 locations that will be closed as part of a court-supervised restructuring that began last month.
Large red, black and yellow signs that proclaimed “everything must go” and “nothing held back” greeted bargain hunters who began lining up before the doors opened
Sears Canada says prices will be discounted by 20 to 50 per cent.
“We encourage consumers to shop early to take advantage of the best selection of products and great savings available throughout the stores while supplies last,” Gary Epstein, a spokesman for the liquidates group, said in a statement.
The sales — to be held across the country — are being run by a joint venture group including Hilco Global, Gordon Brothers, Tiger Capital Group and Great American Group.
In addition to the store merchandise, the liquidators will be selling fixtures, furnishings and equipment in the closing stores.
The liquidation sales are at 20 full-line, 15 Sears Home, 10 Outlet and nine Hometown locations in every province except Prince Edward Island.
In total, Sears plans to close 59 locations and cut about 2,900 positions before emerging from court protection.
Sears Canada has been under court protection since June 22. Under the Companies’ Creditors Arrangement Act, it’s looking for a buyer or investor while negotiating with lenders, landlords and other creditors.
Employees at the stores where the liquidation sales are taking place have been asked to stay on the job until the sales are complete and the location is shut down.
Sears Canada expects to finish the liquidation sales by Oct. 12 and hopes to complete its restructuring as soon as possible this year.
Once a retail stalwart, Sears Canada has struggled in recent years despite its efforts to adapt to the changes in the retail business.
The company has also been challenged by several changes in its executive leadership over the last four years.
Sears Canada liquidation sales begin at 54 locations across the country | Money
Online calls to #BoycottSearsCanada over treatment of ex-employees
Adina Bresge, THE CANADIAN PRESS
First posted: Sunday, July 23, 2017 03:06 PM EDT | Updated: Sunday, July 23, 2017 09:15 PM EDT
Sears Canada is facing a social media campaign calling for a boycott after the company said it planned to pay millions in bonuses to keep executives on board during restructuring, while not offering severance to laid-off workers.
The retailer’s Facebook page has been flooded with comments from people vowing not to shop at Sears, and the hashtag #BoycottSearsCanada has been gaining traction on Twitter.
Sears Canada, which is operating under court protection from creditors, began liquidation sales on Friday at 59 department and Sears Home stores slated for closure.
The company has said it plans to cut approximately 2,900 jobs, without severance, while paying $9.2 million in retention bonuses to key staff as part of a court-supervised restructuring process.
Sears Canada spokesman Joel Shaffer has said the payments are common during the creditor protection process and are designed to keep key employees motivated with performance indicators and incentives to successfully close stores.
The deal was met with fierce backlash from social media users, many of whom wanted the retailer to know they were taking their business elsewhere.
Sears Canada declined to comment on the boycott call.
Retail analyst Bruce Winder said Sears is up against a public relations “storm” that could spell the end of one of Canada’s most trusted brands.
“People don’t like it when big brands behave badly, in their opinion,” Winder said in an interview. “It’s a powder keg for social unrest.”
Winder, who co-founded the Retail Advisors Network, said most consumers are workers themselves and they have long memories when it comes to perceived injustice against people they see as vulnerable, such as retail workers.
He said the boycott could hurt people still working at the stores, but it may not make a difference if the retailer goes out of business.
“I don’t think (Sears) is going to survive this,” said Winder. “Unfortunately, those employees are probably going to find themselves out of work anyway.”
Dan O’Reilly, who is participating in the boycott, said he’s spent tens of thousands of dollars at Sears over the past 35 years, but has been shopping there less in recent years because he’s noticed a decline in customer service, which he said is no surprise given that the company treats its retail workers like “pieces on a game board.”
O’Reilly said he doubts that losing a once-loyal Sears customer will persuade the company to treat its ex-employees any better. The 64-year-old retiree acknowledged that the boycott may have an impact on the remaining retail staff at Sears, but said the “writing is on the wall” for the retailer, and he won’t be sad to see his local outlet in St. Catherines, Ont., shutter its doors.
Tracy Brown, who is also boycotting Sears, agreed that the campaign may do little to affect former retail workers. But even if it only hastens the inevitable, Brown said she wants to she wants to hit Sears executives where it hurts: their paycheques.
“The only kind of voice you can be heard with is what you’re not spending in their store any more,” Brown said in an interview. “My message to (Sears) is that you’ll never get another dime of my money because that dime is going right into the one-percenters’ pocket.”
Brown, a 54-year-old painter from Stratford, Ont., said driving to Toronto to see the Christmas display in the Sears storefront has been a family tradition since she was a child.
This holiday season, Brown said, she won’t be making the annual pilgrimage to Sears with her kids, because she refuses to hand over her hard-earned dollars to a company that, to her mind, rewards mismanagement at the expense of store-level workers.
Brown said the retention bonuses were “a slap in the face” to all of the retail workers who have been sweating on the front lines for years or even decades. She said the top brass at Sears Canada let the company fall into financial disarray, and they should have to pay for it.
http://twitter.com/hashtag/BoycottSearsCanada
Online calls to #BoycottSearsCanada over treatment of ex-employees | Money | Tor
Adina Bresge, THE CANADIAN PRESS
First posted: Sunday, July 23, 2017 03:06 PM EDT | Updated: Sunday, July 23, 2017 09:15 PM EDT
Sears Canada is facing a social media campaign calling for a boycott after the company said it planned to pay millions in bonuses to keep executives on board during restructuring, while not offering severance to laid-off workers.
The retailer’s Facebook page has been flooded with comments from people vowing not to shop at Sears, and the hashtag #BoycottSearsCanada has been gaining traction on Twitter.
Sears Canada, which is operating under court protection from creditors, began liquidation sales on Friday at 59 department and Sears Home stores slated for closure.
The company has said it plans to cut approximately 2,900 jobs, without severance, while paying $9.2 million in retention bonuses to key staff as part of a court-supervised restructuring process.
Sears Canada spokesman Joel Shaffer has said the payments are common during the creditor protection process and are designed to keep key employees motivated with performance indicators and incentives to successfully close stores.
The deal was met with fierce backlash from social media users, many of whom wanted the retailer to know they were taking their business elsewhere.
Sears Canada declined to comment on the boycott call.
Retail analyst Bruce Winder said Sears is up against a public relations “storm” that could spell the end of one of Canada’s most trusted brands.
“People don’t like it when big brands behave badly, in their opinion,” Winder said in an interview. “It’s a powder keg for social unrest.”
Winder, who co-founded the Retail Advisors Network, said most consumers are workers themselves and they have long memories when it comes to perceived injustice against people they see as vulnerable, such as retail workers.
He said the boycott could hurt people still working at the stores, but it may not make a difference if the retailer goes out of business.
“I don’t think (Sears) is going to survive this,” said Winder. “Unfortunately, those employees are probably going to find themselves out of work anyway.”
Dan O’Reilly, who is participating in the boycott, said he’s spent tens of thousands of dollars at Sears over the past 35 years, but has been shopping there less in recent years because he’s noticed a decline in customer service, which he said is no surprise given that the company treats its retail workers like “pieces on a game board.”
O’Reilly said he doubts that losing a once-loyal Sears customer will persuade the company to treat its ex-employees any better. The 64-year-old retiree acknowledged that the boycott may have an impact on the remaining retail staff at Sears, but said the “writing is on the wall” for the retailer, and he won’t be sad to see his local outlet in St. Catherines, Ont., shutter its doors.
Tracy Brown, who is also boycotting Sears, agreed that the campaign may do little to affect former retail workers. But even if it only hastens the inevitable, Brown said she wants to she wants to hit Sears executives where it hurts: their paycheques.
“The only kind of voice you can be heard with is what you’re not spending in their store any more,” Brown said in an interview. “My message to (Sears) is that you’ll never get another dime of my money because that dime is going right into the one-percenters’ pocket.”
Brown, a 54-year-old painter from Stratford, Ont., said driving to Toronto to see the Christmas display in the Sears storefront has been a family tradition since she was a child.
This holiday season, Brown said, she won’t be making the annual pilgrimage to Sears with her kids, because she refuses to hand over her hard-earned dollars to a company that, to her mind, rewards mismanagement at the expense of store-level workers.
Brown said the retention bonuses were “a slap in the face” to all of the retail workers who have been sweating on the front lines for years or even decades. She said the top brass at Sears Canada let the company fall into financial disarray, and they should have to pay for it.
http://twitter.com/hashtag/BoycottSearsCanada
Online calls to #BoycottSearsCanada over treatment of ex-employees | Money | Tor
The biggest joke is that the liquidation sales are mostly 20% off; they have regular sales with better deals than that.
The whole thing is ridiculous, but of course the execs will get their bonuses. Because they've run the place so well.
The whole thing is ridiculous, but of course the execs will get their bonuses. Because they've run the place so well.
The reality is box stores are in general collapsing - it's the evolution of retail.
Unfortunately the sales are NOT going to amazon, and other online sellers though.
The "too big to fail" bail ins and giving the bankers all the bailout money where it has stayed, leaving the middle class broke, is the problem.
If the US, and other governments paying out that type of largess had spent less and payed off the debts of the american citizen instead there would have been money in the system and this wouldn't be destructing the way it is.
Oh well...so much for buggy whip salesmen.
Some notes on the situation:
Why 2017 Will See Desperate Department Stores and Anxious Apparel Chains
http://fortune.com/2017/01/03/why-2...department-stores-and-anxious-apparel-chains/
Unfortunately the sales are NOT going to amazon, and other online sellers though.
The "too big to fail" bail ins and giving the bankers all the bailout money where it has stayed, leaving the middle class broke, is the problem.
If the US, and other governments paying out that type of largess had spent less and payed off the debts of the american citizen instead there would have been money in the system and this wouldn't be destructing the way it is.
Oh well...so much for buggy whip salesmen.
Some notes on the situation:
Why 2017 Will See Desperate Department Stores and Anxious Apparel Chains
http://fortune.com/2017/01/03/why-2...department-stores-and-anxious-apparel-chains/
If al these newly outraged potential non shoppers had been dedicated Sears customers all along the store would not be in this position.
And they even have doors, just like a car dealership, so it must be a car dealership.
Grant Russell is struggling to accept that his Sears Hometown store in Fort McMurray, Alta., is slated to close and there's nothing he can do about it.
"I'm devastated," says Russell, who has run his appliance store in partnership with Sears for 3.5 years. "I haven't been able to sleep, I haven't been able to eat. I've lost 17 pounds in the last two weeks."
Russell says the stress has been so bad, his doctor has put him on antidepressants. "You're watching something that you've built, you're watching something that you've put together yourself be taken away."
Seven of the locations on the chopping block are smaller Hometown stores, which are owned and operated by independent dealers. They sell Sears appliances and furniture, earning a commission on each sale.
CBC News spoke with owners of five of the ill-fated Hometown stores — all located in Alberta. None of them, including Russell, wanted to close, and all but one said their store was consistently profitable.
The owners also claim that they aren't being fairly compensated by Sears for the loss of their business. That's because they signed contracts with the retailer stating that if the company terminated the deal early, they'd get compensation, based on six or 12 months commission.
But because of the court-approved restructuring, the dealers say they won't be getting their cash.
"It does impact us significantly," says Russell.
He estimates the six months of commission he's losing out on totals between $400,000 and $500,000. He also claims he's already lost tens of thousands of dollars in commission due to Sears's current lack of inventory, and having to sell what's left in his shop at a discount during current liquidation sales.
"I've watched Sears wipe me out," says Russell. "This is the first time that I'm experiencing a complete business failure, and I feel completely helpless."]
Russell says store sales were good and that the business was an important part of the Fort McMurray community; he even set up a gallery in his shop where local artists could display and sell their work. Once his liquidation sales are finished later this month, the paintings will go, along with his nine employees.
"Liquidating our stores from my own perspective is a heartbreaking experience," says Russell.
Shawn Nawaz also finds it painful to hold liquidation sales at his St. Albert, Alta., Hometown store. He claims he's so cash-strapped due to lost commission, he needs to shut his store now instead of the end date Sears has given him, Aug. 17.
"I'm done. I can't afford to stay here," says Nawaz, who at the time of his interview, was still sitting on about 20 large appliances.
He showed CBC News his email correspondence with Sears Canada. In it, the retailer warns him if he closes his location early, he'll be billed $500 for each unsold major appliance in his store.
"These people are bullying us at the moment," says Nawaz. "It's killing me, putting me further in debt and more stress. There's no respect left."
Nawaz says he never wanted to close his store, which he has operated for almost nine years in total. But now that he's been dealt a blow by Sears, he wants nothing more than to sever ties with the retailer.
"I don't want to be here actually. That's how I feel when I come to this place — when is this going to be over?"
Sears Hometown store owners slated for closure plan to fight for compensation - Business - CBC News
"I'm devastated," says Russell, who has run his appliance store in partnership with Sears for 3.5 years. "I haven't been able to sleep, I haven't been able to eat. I've lost 17 pounds in the last two weeks."
Russell says the stress has been so bad, his doctor has put him on antidepressants. "You're watching something that you've built, you're watching something that you've put together yourself be taken away."
Seven of the locations on the chopping block are smaller Hometown stores, which are owned and operated by independent dealers. They sell Sears appliances and furniture, earning a commission on each sale.
CBC News spoke with owners of five of the ill-fated Hometown stores — all located in Alberta. None of them, including Russell, wanted to close, and all but one said their store was consistently profitable.
The owners also claim that they aren't being fairly compensated by Sears for the loss of their business. That's because they signed contracts with the retailer stating that if the company terminated the deal early, they'd get compensation, based on six or 12 months commission.
But because of the court-approved restructuring, the dealers say they won't be getting their cash.
"It does impact us significantly," says Russell.
He estimates the six months of commission he's losing out on totals between $400,000 and $500,000. He also claims he's already lost tens of thousands of dollars in commission due to Sears's current lack of inventory, and having to sell what's left in his shop at a discount during current liquidation sales.
"I've watched Sears wipe me out," says Russell. "This is the first time that I'm experiencing a complete business failure, and I feel completely helpless."]
Russell says store sales were good and that the business was an important part of the Fort McMurray community; he even set up a gallery in his shop where local artists could display and sell their work. Once his liquidation sales are finished later this month, the paintings will go, along with his nine employees.
"Liquidating our stores from my own perspective is a heartbreaking experience," says Russell.
Shawn Nawaz also finds it painful to hold liquidation sales at his St. Albert, Alta., Hometown store. He claims he's so cash-strapped due to lost commission, he needs to shut his store now instead of the end date Sears has given him, Aug. 17.
"I'm done. I can't afford to stay here," says Nawaz, who at the time of his interview, was still sitting on about 20 large appliances.
He showed CBC News his email correspondence with Sears Canada. In it, the retailer warns him if he closes his location early, he'll be billed $500 for each unsold major appliance in his store.
"These people are bullying us at the moment," says Nawaz. "It's killing me, putting me further in debt and more stress. There's no respect left."
Nawaz says he never wanted to close his store, which he has operated for almost nine years in total. But now that he's been dealt a blow by Sears, he wants nothing more than to sever ties with the retailer.
"I don't want to be here actually. That's how I feel when I come to this place — when is this going to be over?"
Sears Hometown store owners slated for closure plan to fight for compensation - Business - CBC News
Sears Canada customer buys pizza and pop for laid off workers
THE CANADIAN PRESS
First posted: Sunday, August 06, 2017 07:53 PM EDT | Updated: Sunday, August 06, 2017 08:04 PM EDT
WINNIPEG — A longtime customer of a Sears store in Winnipeg has bought pizzas for the employees who will soon lose their jobs.
Sears Garden City in Winnipeg is one of dozens of locations the company is closing across the country.
Store manager Lucia Nunes says her phone rang last week, and that when a customer calls, it’s often to complain.
But Angela Nespiak phoned to say she was sad the store is closing and that she wanted to do something to thank Nunes and her staff for their years of service.
A couple of days later, Nunes says 14 large pizzas and 9 bottles of pop arrived at the store.
Nunes says it’s something her staff will never forget.
Winnipeg's Closing Sears Store Gets Pizza Party - MyToba.ca News
Sears Canada customer buys pizza and pop for laid off workers | Canada | News |
THE CANADIAN PRESS
First posted: Sunday, August 06, 2017 07:53 PM EDT | Updated: Sunday, August 06, 2017 08:04 PM EDT
WINNIPEG — A longtime customer of a Sears store in Winnipeg has bought pizzas for the employees who will soon lose their jobs.
Sears Garden City in Winnipeg is one of dozens of locations the company is closing across the country.
Store manager Lucia Nunes says her phone rang last week, and that when a customer calls, it’s often to complain.
But Angela Nespiak phoned to say she was sad the store is closing and that she wanted to do something to thank Nunes and her staff for their years of service.
A couple of days later, Nunes says 14 large pizzas and 9 bottles of pop arrived at the store.
Nunes says it’s something her staff will never forget.
Winnipeg's Closing Sears Store Gets Pizza Party - MyToba.ca News
Sears Canada customer buys pizza and pop for laid off workers | Canada | News |
One of many problems with being a franchisee. But to a certain extent they are victims of their own neglect. They must have known for some time that Sears was done for and could have found other suppliers just as thousands of small town merchants have done. For that matter the bunch of them could probably have bought the Hometown brand from sears and had instant group purchasing power.
The Bay is more expensive than Sears and they're doing fine. No, Sears real problem came when it was bought by a US hedge fund called ESL investments. ESL systematically looted Sears of billions of dollars of capital. For example, it sold off the stores Sears owned, so it had to rent them. It sold off the valuable brand names like Craftsman, Kenmore, Diehard, Stanley Black and Decker, which were extremely profitable for Sears. It then took all those billions and paid it to itself in the form of special dividends. If you noticed Sears stores look shoddy and outdated it's because ESL has refused to put any money into them. It's purpose was and is to loot as much as it can from Sears, then declare bankruptcy. ESL then walks away and looks for another target.
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