Sear’s Canada shutting down all their stores and liquidating everything effective immediately if court approves the liquidation process should give everyone a lesson regarding the failing signs of once a big time retailer.
Most employees working for Sears Canada got the warning shots as they started closing many department stores starting a year ago and cutting jobs. The Sears Canada collapse was years in the making, yet many loyal employees still thought they would see some positive news as restructure was in the works. If I work for a retail business like Sears, I would have started looking for another job when the signs were coming in the horizon, just In case, things were going to get bad really quickly, it would been a less painful experience.
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Many suppliers who sold to Sears Canada are going to also feel the pain of a huge retailer that is going away for good this time around. Many lenders might be left in the dark as bankruptcy procedures will start, What will happen to the money owed? Most suppliers knew the consequence of it but who else buys like a monster retailer like a Sears Canada who was one of the biggest retailers in Canada.
The ripple effect of many employees who will lose the jobs and the economic effect it will have is still to be seen. In the end, 12000 jobs will be lost due to the Sears closure, the mental effect it will be on employees during the holiday season will be tough. Hopefully, other retailers will fill in the gap and start the holiday hiring and try to ease the pain of losing a job.
