Money 'Anger, betrayal': Sears staff speak out about demise of the company and their jobs

23:41  11 october  2017
23:41  11 october  2017 Source:   cbc.ca

'Sears is doomed': Why former execs doubt troubled retailer can survive

  'Sears is doomed': Why former execs doubt troubled retailer can survive Some retail experts believe even if Sears Canada succeeds in striking a deal with a buyer, the retailer is destined to shut its doors.But behind the hip outfits hides a troubled retailer whose days may be numbered.

Latest Business Headlines. ' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs October 11, 5:00 AM ET read comments.

Both have been in custody since their arrests and are scheduled to appear in court Wednesday via video. ' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs read comments.

Sears Canada workers are feeling confused and angry after learning on Tuesday that the retailer is planning to close its remaining 130 stores.

Popular Searches

Chevron Corp

CVX

12,000 Sears Canada employees to lose jobs

  12,000 Sears Canada employees to lose jobs Sears Canada Inc. has decided to shut its doors and is seeking approval to liquidate its roughly 130 remaining stores — leaving another 12,000 employees across the country without a job. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.recentquotesurl = "/en-ca/money/getrecentquotes"; config.

Number of women in federal prisons is up, and advocates think they know why. Updated. ' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs . What will SmartTrack look like?

' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs read comments. This should not be a news flash — Canada's biggest cities are now out of reach for millions: Neil Macdonald read comments video.

119.33
+0.46
+0.39%
CA Inc

CA

33.63
-0.01
-0.03%
BlackRock Inc

BLK

473.93
+8.63
+1.85%
Sprint Corp

S

7.19
+0.06
+0.84%

If Sears gets court approval, it will start liquidating the stores as early as Oct. 19, putting the retailer out of business and about 12,000 employees out of work.

"Many of us feel frustrated, anger, betrayal," a Sears manager told CBC News in an email. He and another employee interviewed asked that we not publish their names because they still work for the retailer and fear retribution.

"People don't know what to do," said the manager about staff at his location. "Many people went home already as they were physically upset and needed some personal space." As far as he understands, the mass layoffs will begin next week.

Sears demise is Nortel all over again for pensioners, says expert

  Sears demise is Nortel all over again for pensioners, says expert A University of Ottawa professor who watched the collapse of Nortel — and the hand-wringing over an under-funded pension plan — says a similar story is unfolding as Sears Canada seeks court approval Friday to begin liquidating assets. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.

' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs .

' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs . Opinion. This should not be a news flash — Canada's biggest cities are now out of reach for millions: Neil Macdonald.

The manager blames Sears' demise on mismanagement by those in charge of the company. "So much wasted money on renos for stores, head office when we were bleeding for cash," he said.

"It's been an extremely painful process to see it all thrown away."

Former employee, Zobeida Maharaj says Sears' demise dashed the hopes of workers still clinging to the notion the retailer could survive.© CBC Former employee, Zobeida Maharaj says Sears' demise dashed the hopes of workers still clinging to the notion the retailer could survive.

Sears Canada has been in court-approved creditor protection since June 22. It has already closed 58 stores and laid off more than 3,000 staff. Many workers who remained were hopeful that a current bid to buy the retailer would succeed and save their jobs.

But now it appears that the bid, led by Sears executive chairman Brandon Stranzl, is no longer on the table.

"We have been told his bid is officially dead unless there is … 'a miracle,'" says the manager.

'Terrible Christmas present'

Another Sears Canada manager told CBC News that he knew the retailer was doomed last week when it got court approval to shut down 10 more department stores, some of which had already been renovated to reflect a modernized Sears.

Sears demise is Nortel all over again for pensioners, says expert

  Sears demise is Nortel all over again for pensioners, says expert A University of Ottawa professor who watched the collapse of Nortel — and the hand-wringing over an under-funded pension plan — says a similar story is unfolding as Sears Canada seeks court approval Friday to begin liquidating assets. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.

' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs . Opinion. This should not be a news flash — Canada's biggest cities are now out of reach for millions: Neil Macdonald.

' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs read comments. Faculty at Ontario's public colleges set Monday strike deadline. Wednesday weather: autumn rain, cooler temperatures.

"It was over. We all knew it but we had to keep our mouths shut," he said. "Those stores were the crown jewels."

Now that Sears intends to close its doors, he said, staff at his location are devastated.

"We're really upset. It's a very terrible Christmas present," he said. "There are people that lived this company. They don't understand how this happened."

Like the other manager we spoke with, he believes Sears Canada met its demise because of mismanagement while the retailer attempted to reinvent itself last year. Efforts included a new logo, store format, redesigned website and trendy clothing lines.

"It's ludicrous. They just pissed away money and nobody could say anything," said the manger. "I invested a lot of time in this company. And it just seems like no way possible we were going to succeed."

In a staff memo sent Tuesday, Sears executive vice-president Becky Penrice offered a different explanation for Sears' misfortune.

"The actions being taken are a reflection on the state of the retail market today," she said.

Penrice added that she regrets that the retailer has reached this point, and that "this is an extremely sad day for all of us and certainly not the outcome we wanted."

Sears Canada granted approval to liquidate

  Sears Canada granted approval to liquidate TORONTO - Sears Canada has received court approval to proceed with a full liquidation of its remaining stores, signalling the end of an era for a 65-year-old chain that was once a staple at malls across the country. Ontario Superior Court heard Friday that after weeks of discussion and a bid from the company's executive chairman, no viable buyer has been found. The move will put 12,000 of its employees out of a job. Justice Glenn Hainey approved Sears Canada's motion to liquidate its remaining 130 stores, and said he was satisfied that there was no viable alternative following a months-long saga stemming from the embattled retailer's decision to seek protection from its cr

' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs read comments. This should not be a news flash — Canada's biggest cities are now out of reach for millions: Neil Macdonald read comments video.

' Anger , betrayal ': Sears staff speak out about demise of the company and their jobs read comments. Amid gloomy signs in Washington, Trudeau keeps up the charm offensive on trade read comments.

If Sears gets court approval, it will start liquidating the stores as early as Oct. 19, putting about 12,000 employees out of work.© CBC If Sears gets court approval, it will start liquidating the stores as early as Oct. 19, putting about 12,000 employees out of work.

She told workers that if Sears Canada receives court approval to liquidate, employees will lose their jobs over the next few months, and that liquidation sales will run for 10 to 14 weeks.

'It's really over'

The news that Sears is closing crushed the hopes of employees still clinging to the notion the retailer could survive, said Zobeida Maharaj. The laid-off senior operations store manager spent 28 years working for Sears in the Toronto area and is in constant contact with current employees.

"They're angry," she said about some of the workers she spoke with on Tuesday after they learned their fate.

"They waited, they hung in. They had that hopeful thing that their stores would probably be saved."

But now even Zobeida, who was laid off in March, is having difficulty coming to terms with the demise of Sears.

"You do get upset because you spent most of your adult life in that company and people that you work with become your family," she said.

"It's really over. I'm sad."

Sears Canada’s Demise Started Around 2005 .
It’s easy to blame Amazon.com, Inc. (NASDAQ:AMZN) for the demise of department stores, but in the case of Sears Canada, its problems started in 2005.AMZN

Source: http://ca.pressfrom.com/news/money/-49076-anger-betrayal-sears-staff-speak-out-about-demise-of-the-company-and-their-jobs/

—   Share news in the SOC. Networks

Topical videos:

This is interesting!