Sears Sarnia June 22, 2017 (Photo by Melanie Irwin)Sears Sarnia June 22, 2017 (Photo by Melanie Irwin)
Sarnia

Sears Canada Spares Sarnia Store

It appears Sarnia's Sears store has been spared in a plan to close 59 locations across the country and cut about 2,900 jobs.

Sears Canada announced the closures Thursday morning as part of a restructuring of its business under court protection from creditors.

Over 25% of the locations slated for closure are in Ontario.

The Sears Outlet location in Chatham and Sears Home stores in London and Windsor will close, while Sarnia's London Rd. store was not included in Thursday's list.

The company was granted an initial order from the Ontario Superior Court of Justice to obtain debtor-in-possession financing in the aggregate principal amount of $450-million.

Sears Canada says it plans to complete its restructuring in a timely fashion and hopes to exit court protection as soon as possible this year.

Thursday's announcement was made after the company warned last week that there was "significant doubt'' about its future and that it could be sold or restructured.

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