The chain, which controlled almost 60% of all department store sales in Canada in 1930, had been reduced to a market share of 10.6% in 1997. The T. Eaton Co. first filed for bankruptcy protection in 1997. At the time, the company had an estimated 24,500 employees and over 90 retail outlets. The plan was to close 31 underperforming stores, including two-thirds of its stores in Alberta. However, Eaton's limited the number of store closures to 20. George Eaton, the last of the family to be involved in management, resigned as chief executive in 1997, being succeeded by George Kosich. In September of that year, creditors approved the restructuring plan.