Sears pulling out of Eaton Centre, Sherway Gardens

Sears is moving its department stores out of several major Toronto malls.
Sears has sold the lease on its Toronto stores at Eaton Centre, Sherway Gardens and Markdale Mall. (Canadian Press)

Sears is moving its department stores out of three major Toronto malls.

In a $400-million deal, the company is selling its lease at the Eaton Centre, Sherway Gardens and  Markville Shopping Centre in Markham. Locations at Masonville Place in London, Ont., and Richmond Centre in B.C. will also be closed.

The company says about 965 employees will be affected by the closures, which will happen by the end of February.

It's the latest in a string of GTA closures for the company. It recently sold leases for the Yorkdale Shopping Centre and Square One.

The company will retain the upper four full floors of the Eaton Centre for its head office.

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