Guelph's Sears location avoids the axe

The Sears store in Stone Road Mall will remain open.

On Thursday Sears Canada announced it had successfully filed for protection from creditors and is closing 59 locations across the country, including 20 of its 94 full-line locations. It is also closing smaller 15 Sears Home stores, 10 Sears Outlet stores and 14 Sears Hometown locations.

The cuts will result in the loss of 2,900 jobs.

Guelph is not one of the locations listed to be closed. Stores and outlets in Cambridge, London, Brockville, Sault Ste. Marie, Timmins, Chatham, Cornwall, Ancaster, Woodbridge, Scarborough, Kingston, Ottawa, Sudbury, Windsor, Orillia and Orangeville are.

The exact timing of their closures has not yet been determined, the company said in a news release.

Ten years ago Sears Canada stock was valued at over $13 a share. In 2000 it hit over $40 per share. On Thursday it was valued around 62 cents a share.

The company news release said it will continue its restructuring and hopes to remain a viable entity on the Canadian retail scene.