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Sears Canada going out of business, laying off 12,000

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Sears Canada announced yesterday it is going out of business and closing its remaining 150 stores.

The closures will mean 12,000 people losing their jobs, according to the Toronto Star.

Brandon Stranzl, the company's executive chairman, tried to save Sears Canada but his bid backed by Blackstone Group LP was unsuccessful.

Read more from the Toronto Star.

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