This just in: Sears Canada Inc. (OTCMKTS:$SRSCQ) has made the decision to shut its doors and is currently seeking approval to close its roughly 130 remaining stores. The problem? This decision is going to leave another 12,000 employees across the country without a job.

The retailer, which asked for protection from its creditors in June, said on Tuesday, October 10, that it had failed to find a buyer that would allow the company to continue as a going concern.

“The company deeply regrets this pending outcome and the resulting loss of jobs and store closures,” Sears Canada said in a statement today.

Last week, Sears Canada received a revised bid from a buyer group which is led by its executive chairman Brandon Stanzl to buy the business and keep it operating and functioning.

However, on Tuesday, the embattled retailer said that “following exhaustive efforts, no viable transaction” was received.

As of right now, Sears Canada has 74 full department store locations, eight Sears Home Stores, and almost 49 Sears Hometown stores, facing closure.

Sears has roughly 12,000 employees, three-quarts of which are part-time, company spokesman Joel Shaffer said. Of the almost 800 employees in Sears Canada’s head office, the majority will be leaving next week, he said.

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