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

BREAKING: Lacombe schools in danger of losing funding over GSA compliance

Education Minister David Eggen said 28 out of 94 accredited funded private schools not in compliance

Urban hens close to being permanent in Lacombe

Council passes first reading of bylaw to extend pilot program permanently

No pumping into Gull Lake for 5 years due to carp concerns

Worries of carp in the Blindman River has put a hold on pumping water into Gull Lake

Town of Blackfalds proposes increase in taxes

1.5% increase falls below Alberta inflation rate

Jesse Todd hat trick leads Lacombe Generals over Innisfail

6-5 victory puts Lacombe in first place heading into Rosetown matchup

WATCH: Remembrance Day in Lacombe fills LMC

2018 marked 100 years since the end of First World War

Canada Post strike having ‘critical’ impact on retailers, eBay tells PM

Canada Post says it is now facing an unprecedented backlog of shipments, largely as a result of strikes

NASA wants Canadian boots on the moon as first step in deep space exploration

The U.S. is seeking broad international support for the next-generation space station to send into orbit a in 2021

B.C. man wanted in connection to domestic assault in Edmonton

Sterling Miles Booker has ‘ROCK’ and ‘ROLL’ tattooed on his hands

Canada wants free trade deal with southeast Asian nations, Trudeau says

ASEAN nations combined have nearly 650 million people, an economy of US$2.8 trillion, and are already Canada’s sixth-biggest trading partner.

Olympic and Paralympic committees disappointed, but respectful of Calgary’s vote

The majority of voters said ‘no’ to a potential Calgary bid for the 2026 Winter Olympics and Paralympic Games.

Wildfire death toll rises in California as search for missing continues

Authorities reported six more fatalities from the Northern California blaze, bringing the total number of dead so far to 48.

B.C. MLAs urge Trudeau to call byelection immediately in Burnaby-South

Four NDP provincial politicians from British Columbia are urging Prime Minister Justin Trudeau to immediately call a byelection in the federal riding of Burnaby-South.

Prince Charles turns 70 with party, new family photos

Charles is due to have tea on Wednesday with a group of people who are also turning 70 this year

Most Read