Sears Holdings loses Canadian vote, appeal

Toronto — Sears Canada's minority shareholders and the Ontario Securities Commission have thwarted U.S.-based Sears Holdings’ plan to take the Canadian retailer private this year.

At a special meeting of shareholders Tuesday, 81.3% of shares were voted in favor of the Sears Holdings buyout, but the bid still fell short. Securities laws require approval by a “majority of the minority” shareholders, which did not happen.


The vote came on the same day that the Ontario Securities Commission denied Sears Holdings’ appeal of an earlier OSC decision. That, in effect, derailed the bid by recognizing a smaller number of shares as part of the minority, making it easier for opponents to amass enough opposing votes.

Sears Holdings, which has long been the majority shareholder in Sears Canada with a 54% stake, also owns U.S. retailers Sears Roebuck & Co. and Kmart.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!