About 12,000 Sears Canada employees to lose jobs as company shuts down 130 stores

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CNN - About 12,000 Sears employees in Canada will soon be out of a job.

Sears Canada filed for bankruptcy in June.

It's in the process of shutting down 130 stores and asking a court for permission to liquidate all of it's assets.

Not only will thousands of employees lose their jobs, but their benefits as soon as they're terminated.

Some store managers claim Sears mismanaged money over the years, trying to reinvent itself. But, company officials say the closures are a result of the current retail market