Cause and effect: The rise and fall of Sears Canada
Sears Canada announced Tuesday it would seek court approval to close the remainder of its stores, marking the end of the retailer’s 64-year run in the country.
Here’s a look back at some of the key moments in the company’s history.
1952 -- Simpsons-Sears is founded as a national mail-order business, as part of a partnership between the Robert Simpson Company of Toronto and Sears Roebuck Co. of Chicago.
Sept. 1953 -- Simpsons-Sears opens its first store in Stratford, Ont.
1973 -- The company opens its first store under the Sears banner.
1978 -- Hudson's Bay Company acquires the Simpson Company. The Simpsons-Sears partnership gets dissolved.
1984 -- The company formally changes its name to Sears Canada.
1995 -- Sears opens its first Sears Whole Home furniture store; later renames the store Sears Home.
1998 -- The company launches its e-commerce website, becoming one of the first retailers to do so in Canada.
1999 -- Sears buys The T. Eaton Company Ltd., including all of the flagship department stores in coveted locations like the Toronto Eaton Centre.
Feb. 2009 -- Sears cuts 300 jobs, less than one per cent of its workforce at the time, to prepare for a "tough" year in retail.
June 2011 -- Calvin McDonald named president and CEO of Sears Canada and embarks on a three-year turnaround plan as sales decline and thousands of jobs are cut.
2012 -- Sears begins selling leases to its stores in prime locations.
Sept. 2013 -- McDonald abruptly steps down as president and CEO.
Sept. 2013 -- Former U.S. naval aviator and retail consultant Douglas C. Campbell takes over as CEO.
May 2014 -- U.S. parent company Sears Holdings Corp. hints that it's looking to sell the ailing retailer.
Sept. 2014 -- Campbell steps down as CEO, citing family matters.
Oct. 2014 -- Ronald Boire appointed interim CEO.
Aug. 2015 -- Ronald Boire steps down as CEO.
July 2015 -- Brandon Stranzl is named executive chairman of Sears Canada. Stranzl has ties to the U.S. hedge fund run by Edward Lampert, which then controlled about 45 per cent of the Canadian company's shares.
July 2016 -- Sears Canada president Carrie Kirkman leaves less than a year after being in the position.
Aug. 2016 -- Sears Canada rebrands logo for the first time in 32 years by adding a maple leaf.
Jan. 2017 -- New Brunswick government gives Sears Canada $3.5 million to open a business centre in the province, which was expected to create 180 new jobs in Edmundston, N.B.
June 13, 2017 -- Faced with a worsening cash crunch, the company announces it is exploring strategic alternatives including a sale.
June 22, 2017 -- Sears Canada gains approval for creditor protection. It announces plans to close 59 locations across the country and eliminate about 2,900 jobs.
June 30, 2017 -- Sears Canada says it has received notice that its common shares will be delisted from the Toronto Stock Exchange at the close of market on July 28.
July 13, 2017 -- An Ontario judge grants Sears Canada approval to proceed with a sale process that would allow the company to consider a range of potential deals.
July 24, 2017 -- Sears Canada faces backlash on social media after the company offered to pay millions of dollars in retention bonuses to top managers, while not paying severance to laid-off workers.
July 21, 2017 -- Sears Canada launches liquidation sales at 54 locations, with discounts ranging between 20 and 50 per cent.
July 28, 2017 -- Billionaire investor Eddie Lampert shelves plans to partner with Fairholme Capital to buy Sears Canada.
Aug. 15, 2017 -- Lawyers representing Sears Canada workers reach a deal with the retailer to create a “hardship fund” for ex-employees who were denied severance.
Aug. 16, 2017 -- Sears Canada Executive Chairman Brandon Stranzl steps away from his role to focus on launching a bid for the retailer.
Sept. 29, 2017 -- Sears Canada asks the Superior Court of Justice to extend creditor protection to Nov. 7. The company also seeks the court’s approval to close an additional 11 stores.
Oct. 3, 2017 -- A court-appointed monitor for Sears Canada warns its available funds are running low and there may not be enough time to reach a deal with a buyer group headed by Stranzl.
Oct. 10, 2017 -- Sears Canada seeks court approval to liquidate all of its remaining stores and assets, which would ultimately leave about 12,000 employees jobless.
-- With files from BNN