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Sears Canada to seek court approval to liquidate all remaining stores

The Canadian Press | posted Tuesday, Oct 10th, 2017

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Sears Canada Inc. is applying for court approval to liquidate all of its remaining stores and assets after failing to find a buyer that would allow it to continue as a business.

The retailer has been operating under the Companies’ Creditors Arrangement Act since June.

The court overseeing Sears Canada’s operations is expected to hear a motion Friday seeking approval for the liquidation and wind down of the business.

The company wants to start the liquidation sales no later than Oct. 19 and expects them to continue for 10 to 14 weeks.

Sears Canada says it regrets the pending outcome and the resulting loss of jobs and store closures.


Related stories:

Sears Canada assessing revised bid, receives creditor protection extension

Judge approves hardship fund for former Sears Canada employees

Sears Canada executive chairman steps down to make bid for retailer


More to come

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