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

Alberta Service Minister discusses registries, rural broadband in Lacombe

Minister Nate Glubish continues cross-Alberta tour

Lacombe Market vendor supporting family who lost their home

Lyndall Cave will be selling jewellery until the end of August

Lacombe Composite’s Ecovision Club, Friends of the Greenhouse preparing for successful harvest

LCHS students and community members keep programs growing throughout summer

Red Deer- Lacombe MP disapointed by Liberals blocking hearings on SNC-Lavalin affair ethics report

MP Calkins said Canadians will pass a verdict over the affair during the upcoming election

WATCH: Lacombe Days parade rolls through city

Hundreds turn out for annual tradition

Black bear ruins Alberta barber’s day

It’s not always a good idea to leave the door open

Conan turns to the Property Brothers for tips on buying Greenland

Jonathan Scott suggests removing glaciers and mountains to bring in ‘more natural light’

Red Deer Rebels Training Camp begins Aug. 24

Rebels home opener will be on Sept. 21 against the Edmonton Oil Kings

UPDATED: Search continues for possible drowning on Sylvan Lake

Sylvan Lake RCMP and Fire Department continue their search for 20-something adult male

New study suggests autism overdiagnosed: Canadian expert

Laurent Mottron: ‘Autistic people we test now are less and less different than typical people’

Huawei executive’s defence team alleges Canadians were ‘agents’ of the FBI

eng’s arrest at Vancouver’s airport has sparked a diplomatic crisis between Canada and China

Trans Mountain gives contractors 30 days to get workers, supplies ready for pipeline

Crown corporation believes the expansion project could be in service by mid-2022

Most Read