December 13, 2013 - 8:19 PM
TORONTO - There's more bad news coming from Sears Canada (TSX: SCC).
The company has confirmed that SHS Services Management Inc, an independent installation services company that provides products licensed under the Sears banner, is in receivership.
Sears says in a release that it is working with Pricewaterhouse Coopers Inc. on what it calls "a viable business option for the future."
Sears says it will ensure that all Sears Home Services warranties are honoured.
SHS is quartered in Markham, Ont.
It's not clear how many employees work at the company or how they will be affected by the receivership.
Sears itself announced last month that it's laying off another 800 employees across its operations in another round of major cuts.
The retailer is scaling back operations as it sees its position in the industry severely eroded.
The company has already laid off thousands of people over the past few years and the latest round will leave it with 25,000 employees across the country.
News from © The Canadian Press, 2013