UPDATE: Sears Canada Closing 59 Stores
Sears Canada has announced its closing 20 department stores and 39 smaller locations in restructuring under creditor protection.
The company announced this morning that it was seeking court protection from its creditors in order to restructure its business.
This latest announcement will impact an estimated 2,900 jobs.
The Sears Canada Home store on Legacy Park Drive in Windsor is listed as a store that's slated for closure.
The Sears outlet store in Chatham will also be shut down.
Trading of shares in Sears Canada was halted ahead of the opening of the Toronto Stock Exchange.
Shares in Sears fell 22.5%, or 18 cents, to 62 cents on the TSX in trading Wednesday.
The struggling retailer has piled up losses and seen its stock nosedive, losing more than 80% of its value in the last year.
Just last week, the company warned there was ``significant doubt'' about its future and that it could be sold or restructured.
Sears Canada has been at Devonshire Mall in Windsor for 47 years, and employs nearly 200 people at that location, but it was not listed as one of the stores slated for closure.
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