Sears Canada asks court for permission to liquidate

Liquidation sales could start mid-October

Sears Canada is asking the Ontario Superior Court of Justice for permission to liquidate all of its remaining stores and assets.

The court is expected to hear the motion on Oct. 13 and if successful, liquidation sales will start on Oct. 19 and continue for 10-14 weeks.

This is just the final step in what’s been a difficult year for the troubled retailer.

In June, Sears announced that it would close more than half of its store locations in the midst of court protection and restructuring.

Grand Forks, Kamloops, Sechelt, Creston and Abbotsford were four of the 59 locations that closed their doors.

At the time, Sears said that it would not be able to provide severance packages for the 2,900 employees laid off as a result of those closures.

It applied to close its Kelowna, Nanaimo and Burnaby stores, as well as seven others across the country, at the end of last month. The closures would have affected 1,200 employees.

In the past year, the chain has lost over four-fifths of its value.

The loss in value, and an inability to stay afloat financially despite “exhaustive efforts” has led to the appeal for liquidation.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

SEARS Canada

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Wetaskiwin shelter will close early after assaults, other problems

Mayor Tyler Gandam said mental health, addictions overshadowing shelter’s purpose

New intersection coming for Hwy. #2A near grain terminal

G3 Canada will begin new intersection in 2020

Franchises a great option for business-minded

BMO expert gives brief look at 2020

County of Wetaskiwin transfer donated land to Scouts Canada body

A.L. Siler originally asked county to hold land in trust in 1972

Good Neighbour award presented at Lakedell Ag Society AGM

Meryln Fontaine Memorial presented to Tammy Southern

Blair says RCMP have met Wet’suwet’en conditions, calls for end to blockades

The Wet’suwet’en’s hereditary chiefs oppose the Coastal GasLink project

Portrait of the Coastal GasLink, a pipeline to divide a nation

In mid-February, 46 per cent of the pipeline route had been cleared

Alberta ends master agreement with doctors, new rules to be in place April 1

The current master agreement with physicians ends March 31

Alberta rail conductor fired for social media posts awarded money, but not reinstatement

Arbitrator Richard Hornung says that he agreed with the Teamsters union

Kids exposed to household cleaners as newborns more likely to get asthma: study

Air fresheners, plug-in deodorizers, antimicrobial hand sanitizers and oven cleaners were the worst culprits

Burger King breaks the mould with new advertising campaign

The company is known for irreverent ad campaigns

PHOTOS: RCMP call on kids to name latest police puppy recruits

This year’s theme is the letter ‘N,’ and 13 German shephards must be named

Federal minister pledges to meet Wet’suwet’en chiefs in B.C. over natural gas pipeline

The Wet’suwet’en hereditary chiefs say they are visiting Mohawk territory

Pipeline dispute: Tories put no-confidence motion on House of Commons agenda

Conservatives say they have no confidence in the Trudeau government to end the rail blockades

Most Read