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.

Just Posted

Residents come together to light up Ponoka Centennial Park

Volunteers worked over the weekend to put Christmas lights on trees

UPDATE: Motorist dies near Ponoka after loose tire collides with vehicle

Ponoka RCMP seek assistance in locating vehicle belonging to the tire

Almost 100 kgs of suspected cocaine seized at Coutts border crossing

84 bricks of suspected cocaine seized from California residents’ vehicle; largest recorded seizure.

WATCH: CP Holiday Train photos and video in Ponoka

Ponoka Food Bank gets big benefits from Holiday Train

Ponoka County land use plan to get public hearing

Area structure plan for westside of QEII amended slightly, receives first reading

WATCH: Maskwacis First Nations sign historic education agreement

First Nations on Maskwacis put into place education for students under one school authority.

New fighter-jet competition to have national ‘economic interest’ requirement

Trudeau government wants to replace Canada’s aging CF-18s with 88 new fighters by as early as 2025

The top-binged shows on Netflix in 2017

Which show did you cheat on your spouse with by watching ahead?

2017 word of the year: Feminism

Merriam-Webster’s word of the year for 2017: ‘Feminism’

200 Russians to compete in Olympics as neutrals

The Russian Olympic Committee expects 200 to compete in South Korea

Researchers claim the ‘man flu’ does exist

Review of scientific studies suggests ‘man flu’ may be more intense: researcher

Trudeau appoints Supreme Court chief justice

Prime Minister Trudeau appoints Richard Wagner as Supreme Court chief justice

WestJet Christmas video turns children’s wishes into reality

This year’s annual video took a new spin on the 12 days of Christmas

Higher winds could complicate California wildfire fight

The expected strength of the winds have reached uncharted territory

Most Read