By James Peters

Sears to shut Kamloops location

Jun 22, 2017 | 12:00 PM

KAMLOOPS — Sears Canada is going to cut about 2,900 employees and close 59 stores across the country under a court-supervised restructuring plan announced this morning.

Former chairman and CEO Mark Cohen says the company has been hollowed out because management sold off some of its most productive stores and put the money in shareholders’ pockets.

He says Sears Canada hasn’t had competent management for over a decade.

83 Kamloops employees of the Aberdeen Mall Sears store will lose their jobs after the Canadian retail chain’s restructuring announcement today.

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The Kamloops and District Chamber of Commerce says it’s never nice to see a company go through a reluctant restructuring.

Chamber President Paul Ross says there are national and local factors that play in.

“It definitely is a large Canadian company, so there are many different aspects involved there. I also think we can’t sit back and say, ‘Well, it’s not about Kamloops.’ Well, every little bit helps right across the country. Let’s sit back and think about where we are spending our money, how we are helping business,” said Ross.

Ross says he’s optimistic about the potential of Aberdeen Mall filling the vacancy Sears will create.

He points to the work of Sahali Mall, which has plans to fill the former Target location with a combination of three new tenants.

EXTENDED: List of 59 Sears store closures throughout the country

— With files from The Canadian Press