Sears Canada Inc. will close its Richmond Centre store by February 28, 2015.
The department store chain announced this today (October 29) as part of its plans to shut down five locations in Canada
In Ontario, Sears Canada will shutter its Toronto Eaton Centre, Sherway Gardens, and London-Masonville Place stores by February 28, 2014, and its Markville Shopping Centre store by February 28, 2015. (The company will retain its head office in Toronto Eaton Centre.)
In a news release, Sears Canada said it will gain $400 million in return for terminating the five leases. Sears Canada employs 965 workers at the five stores.
"When proposals such as this one are presented to us, we must weigh the value of the transaction against the value we will obtain from continuing to operate those stores in their current locations," Doug Campbell, president and CEO of Sears Canada, said in the release.
After the five stores close, Sears Canada will still run 111 "full-line" department stores in the country.
The Richmond Centre store opened in 1989.