By Teena Monteleone

Sears closing in Prince Albert

Jun 22, 2017 | 10:02 AM

The Prince Albert location of Sears Canada is shutting its doors.

The struggling retailer revealed plans to close 59 locations across the country and cut approximatelhy 2,900 jobs under a court-supervised restructuring.

Eleven full-time jobs and 38 part-time positions will be lost in Prince Albert as a result of the closure. 

The announcement came after the company was granted temporary court protection from creditors under the Companies’ Creditors Arrangement Act this morning. Under the plan, Sears Canada has been authorized by the Ontario Superior Court of Justice to obtain up to $450 million in financing to maintain operations throughout the restructuring.

The struggling retailer has piled up losses over several years and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself.

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Three other locations will be closed in Saskatchewan: Two stores in Regina and Moose Jaw and one outlet in Melville. 

Sears said it hopes to exit court protection as soon as possible.

–With files from the Canadian Press

panews@jpbg.ca

On Twitter: @princealbertnow