Published: Wed, October 11, 2017
Industry | By Dora Warner

Sears Canada to liquidate all its remaining stores and assets

Sears Canada to liquidate all its remaining stores and assets

Sears Canada has confirmed that Sarnia's store is slated for closure, pending the company gets court approval to liquidate all of its remaining assets.

If it is approved, liquidation will begin around October 19, lasting 10 to 14 weeks.

It said that it had failed to find a buyer that would allow it to continue.

The court overseeing Sears Canada's operations is set to hear a motion Friday seeking approval for the liquidation and wind down of the business.

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The Kingston Sears Home store in the RioCan Centre closed in the summer.

Sears Canada's court-appointed monitor FTI Consulting Canada told the court last week it would consider the revised bid but the company was running out of money and time. Last month, Sears Canada announced it would close an additional 10 stores. Of the roughly 800 employees in Sears Canada's head office, the vast majority will leave next week, he said.

The company said it will inform individual employees of their status in the coming days, but expects the liquidation to be wrapped up by early next year.

Sears in Canada had grown out of a partnership between the Chicago retailer and rival Simpsons in Toronto.

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Napper said Sears occupies about 160,000 square feet in Midtown Plaza, representing between 15 and 18 per cent of the mall's total space.

Prior to the bankruptcy filing, Sears Canada had been in the midst of a turnaround, which included a new off-price model and a revamped private label assortment.

Sears sent Business in Vancouver an email to say that about 12,000 people will lose jobs as a result of the dissolution and that this includes those who work at the 11 stores in the September 30 announcement. "This is an extremely sad day for all of us and certainly not the outcome we wanted".

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