Sears Canada closing 5 more stores, including Toronto flagship

Tue Oct 29, 2013 8:20am EDT

Oct 29 (Reuters) - Sears Canada Inc will close its flagship downtown Toronto store and four other locations in a C$400 million ($383 million) deal.

The Canadian department store chain, controlled by Sears Holdings Corp, will terminate the leases and return the locations to its landlords. It will vacate three stores by the end of February 2014, and the other two by the end of February 2015.

Three of the stores are in the Toronto area, including one that shares space with Sears Canada's corporate head office at the Eaton Centre, a large downtown mall.

The two others are in London, Ontario, and Richmond, British Columbia, a suburb of Vancouver.

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