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Canadian Press December 17, Ten months after taking over, the company licensed by Sears to provide home installed products and service is in receivership.
About half of the affected employees - — work in Ontario and include sales associates, installation specialists, inspectors, managers and office assistants, among others.
Customers who have made deposits with Sears Home Services for home installed products are being asked to call and leave a message to learn what will become of their money.
Sears Canada spokesman Vince Power said in an email that the company is working with PwC Canada, which is handling the receivership, to ensure that customers are looked after and that all Sears Home Services warranties are honoured.
But the anticipated volume of revenue never approached the amounts represented and by late September SHS was experiencing significant liquidity issues, according to the affidavit by Clements. It wasn't supposed to turn out this way.
In January, Sears Canada Inc. Sears and Alaris Income Growth Fund are the only two secured creditors. The remaining 17 pages of unsecured creditors range from individuals to Bell Canada to roofing companies and the City of Ottawa. Former Sears CEO Mark Cohen, who is now a professor of marketing at Columbia Business School, said that when he left the company init was profitable across all divisions, including home services.
It prospered at Sears in no small measure because of the leverage from reputation and a large parent company," said Cohen.
By Becky Schlikerman, Sandra, Guy, and Fran Spielman Chicago Sun-Times December 18, On the heels of closing dozens of schools, Chicago Public Schools is moving its headquarters to smaller offices, in the same building that currently houses Sears' flailing flagship store off State Street, raising questions over its future, the Chicago Sun-Times has learned.
CPS will move next year from S. Clark, where it has been sinceto the first three floors at 1 N. Dearborn, CPS officials said. Sears Holdings declined repeatedly to comment on whether it is moving from 2 N. State -- which is in the same building -- or more broadly, about its future in downtown Chicago.
Spokesman Howard Riefs said in a statement: Meanwhile, CPS is looking toward the move, which comes on the heels of the district's closing of a record number of schools.
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The Chicago Board of Education is anticipated to take up the move on Wednesday. Officials say moving will save tens of millions of dollars over time. CPS officials have been looking at downsizing the central office since spring.
The central office staff, which now has about 1, people, has shrunk over the years. Jesse Ruiz, the school board vice president and a lawyer, said there's just too much unnecessary space in the current office building.
The story building CPS now owns and occupies will go on the market in the coming weeks. Tyrrell declined to say what it might be worth.
CPS plans to be in the new space by November.
Those costs include building operations and maintenance. Tyrrell, the retired marine colonel who helped manage the school closings, said the district considered about other buildings to move its headquarters, including 52 empty school buildings.
That includes the former Wentworth Elementary School building, S. The building was emptied when Altgeld Elementary School was closed and Wentworth was moved into its building. CPS also looked at options for staying in its current building or converting part of the building to condos, but the savings just weren't there, Tyrrell said.
Location also was a consideration. While CPS didn't necessarily need to be headquartered in the Loop, it wanted to be centrally located for those who need to travel to the schools or travel to the CPS central office. That includes people who attend the monthly CPS board meetings.
The new Board of Education chambers will be able to fit people -- more than twice as many as in the current building, Tyrrell said. Sears has been at its State Street location since At the time, it was lured back to a revived State Street after an year absence.
Sears, based in Hoffman Estates, has been cutting costs and inventory and shedding assets -- moves designed to help it return to profitability.🔥Citing and more!
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