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

Just Posted

Radium accommodators seek ban on short term rentals

Radium council continues considering how to regulate short term rentals.

Fire claims Fairmont home

Unsuspecting owner opens door on blaze.

Robbery with a hammer at Invermere Dairy Queen

Robber makes off with undisclosed amount of cash.

VIDEO: B.C.’s seventh coronavirus patient at home in Fraser Health region

Canada in ‘containment’ as COVID-19 spreads in other countries

B.C. takes over another Retirement Concepts senior care home

Summerland facility latest to have administrator appointed

RCMP pull office from Wet’suwet’en territory, but hereditary chiefs still want patrols to end

Chief says temporary closure of field office not enough as Coastal GasLink pipeline dispute drags on

Prescription opioids getting B.C. addicts off ‘poisoned’ street drugs

Minister Judy Darcy says Abbotsford pilot project working

Royals, Elvis, Captain Cook: Hundreds of wax figures find new life in B.C. man’s home

Former director of Victoria’s Royal London Wax Museum still hopes to revive wax figure tourism

Teck CEO says Frontier withdrawal a result of tensions over climate, reconciliation

Don Lindsay speaks at mining conference, a day after announcing suspension of oilsands project

Okanagan man swims across Columbia River to evade Trail police

RCMP Cpl. Devon Reid says the incident began the evening of Thursday, Feb. 20

Most Read