Oct. 10 (UPI) -- Sears Canada announced it is going out of business Tuesday, resulting in the closing of 130 stores and the loss of more than 12,000 jobs.
"Sears Canada, with the recommendation of its advisers and approval of the monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval," Sears Canada said in a press release. "The company deeply regrets this pending outcome and the resulting loss of jobs and store closures."