Sears leaving Eaton Centre, 4 other malls

Close to a thousand employees will lose their jobs when Sears Canada sells the leases for five of its department stores, including its flagship location in Toronto’s Eaton Centre.

The $400 million transaction is the largest sale of leases since the struggling retailer began shedding assets and cutting jobs to trim costs.

The Eaton Centre location is one of the company’s most visible Canadian stores. The other store leases that will be sold to mall operator Cadillac Fairview include Sherway Gardens in Toronto, the Markville Shopping Centre in Markham, Masonville Place in London, and Richmond Centre in British Columbia.