Could Be The End Of The Line For Sears In Canada

Things are going from bad to worse for Sears Canada. The company is reviewing its strategic alternatives, including the possible sale of the company,  as it warns there’s “significant doubt” regarding its ability to continue operations. The retailer says that based on management’s current assessment, cash and forecasted cash flows from operations are not expected to be sufficient to meet its obligations over the next 12 months. The announcement came as it reported a first-quarter loss of $144.4-million and a 15.2 per cent decline in revenue compared with the same quarter last year.Sears Canada also postponed its annual meeting, which had been scheduled for Wednesday, until an unspecified date. There are two Sears locations in the Ottawa, one at Carlingwood, the other at St. Laurent Centre. There’s also a Sears Home Store on Cyrville Road. (The Canadian Press and local)

Photo: mallmaverick

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