Once a titan of Canadian retail, Sears Canada announced Tuesday that it is going out of business, putting 12,000 people out of work and shuttering all operations nationwide.

Among the first to lose their jobs will be most of the 800 people at head office near Dundas Square, who will be let go next week. Liquidation sales at stores are scheduled to begin Oct. 19 and to take 10 to 14 weeks.

More on Sears Canada

The chain was forced into closure after a bid by executive chairman Brandon Stranzl to save the company was unsuccessful.

“Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received,” according to a press release from the company issued Tuesday.

“The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures.”

Stranzl was not available for comment on Tuesday.

The shutdown will not affect parts of the business that have been approved for sale since Sears sought creditor protection on June 22: SLH Transports, a standalone trucking and logistics company that services Sears Canada, will continue under new ownership, as will Corbeil Electrique and certain of the Sears Canada Home Improvement brands.

Sears Canada has already closed 59 stores and announced the closure of another 11, including stores at Fairview Mall and Scarborough Town Centre, since obtaining protection from creditors in June. It will be seeking court approval on Friday to liquidate all its remaining assets.

According to an insider, the Stranzl deal would have saved thousands of jobs and offered relief to landlords, suppliers and consumers holding warranties. It also had financial backing.

Sears Canada announced in June it plans to close 59 locations and cut 2,900 jobs under a court-supervised restructuring. Here?s a look at the history of the retail giant. (The Canadian Press)

About three-quarters of the 12,000 employees are part-time.

Employees were informed prior to the press release being issued, according to an insider.

Loading... Loading... Loading... Loading... Loading... Loading...

Read more about: