By CHAT News Today

VIDEO: Sears to close at Medicine Hat Mall

Jun 22, 2017 | 9:22 AM

MEDICINE HAT, AB — The Sears location in Medicine Hat is among the 59 locations across Canada which will be closed.

Approximately 2,900 jobs will be cut nation-wide under a court-supervised restructuring after it was granted protection from creditors Thursday.

According to a press release from Sears Canada Thursday morning, the Sears Full-Line store at the Medicine Hat Mall will close, following an announcement from the company it is seeking court protection from its creditors in order to restructure its business.

Sears Canada has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year.

Under the court-supervised plan, Sears Canada will close 20 full-line department stores, 15 Sears Home stores, 10 Sears Outlet stores and 14 Sears Hometown locations. It has also been authorized to obtain up to $450 million in financing to maintain operations throughout the restructuring.

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Sears Canada has 94 department stores, 23 Sears Home stores and 10 outlets.

There is no date yet on when the Medicine Hat store will close, but the comapny said it hopes to exit court protection as soon as possible this year.

Richard Okrainec, Medicine Hat Mall general manager, spoke with CHAT News Today about the news, and the mall’s expansion. Watch below