Retail Apocalypse Watch: Sears Canada To Shut ALL STORES And 12,000 Jobs To VANISH
SilverDoctors.com
October 12, 2017
Real lives are affected, and it’s not just “contained” to Canada in our global economy. Sears just ran out of road to kick the can… From the Toronto Star
The list of suppliers left in the lurch by the Sears Canada insolvency reads like a who’s who of retail and it circles the globe.
It has debts to businesses in Shanghai, Hong Kong, Gazipur, Bangladesh, Gurgaon, India, New Jersey, Ohio and Mont-Laurier, Quebec.
It owes money to small contractors and conglomerates: Canada Post, Coca-Cola, Clinique, Crocs Canada, Google Inc. and Upper Canada Soap and Candle.
It owes Adidas Canada Ltd. $871, 537. It owes Barbara Engram of Milltown, NL $1,134. Dican Enterprises, of Brampton, which supplied forklift parts to a Sears warehouse in Vaughan, is owed $17,000.
“I think it’s a lot of money for anybody in soft times,” said owner Sayed Mohammed, who is waiting to see what kind of settlement he’ll get after the liquidation sales are done and the money from asset sales is distributed to creditors.
He had been supplying Sears since 1995.
“Like anything else, when you have a big account and things like this happen, you tend to feel it.”
For more than 27 years, Toronto based Ahearn & Soper Inc. supplied Sears with inventory management tools, from warehouse automation products to printers, mobile scanners and labels.
While Ahearn sometimes did as much as $500,000 a year in business with Sears, in recent years it was closer to $250,000, said Danny Di Marco, Ahearn’s vice-president of finance and chief financial officer.
“We basically saw the writing on the wall. We scaled back the terms and the amount of credit we gave them,” said Di Marco.
The Rest…HERE
