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Jun 27, 2017

Sears Canada fallout spreads to marine shipper Algoma Central

Sears

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The fallout from Sears Canada's (SCC.TO) stumble into creditor protection is spreading.

Marine shipping company Algoma Central Corporation announced late Monday it's shelving its plan to sell the Sears-anchored Station Mall in Sault Ste. Marie, Ontario.

"Although Algoma has yet to receive formal notification of Sears' intent for the store, the Company has decided to suspend on-going discussions regarding a sale of the Mall until the uncertainty created by the announcement is resolved," Algoma said in a statement.

Sears Canada filed for creditor protection on June 22, citing liquidity strains that have mounted in recent years as the retailer struggled to connect with consumers as shopping habits rapidly shifted online. Sears announced plans to close 59 stores last week, including the Sault Ste. Marie location.

Algoma Central has been gradually selling its real estate holdings since late 2015, including four properties that are currently being shopped in Ontario.

Algoma said on Monday options "are now being assessed" for the mall in Sault Ste. Marie.