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

RDMW frustrated over WFP response to logging trucks on the highway

“The only way you are going to have our trust back is if you sit with us all at the table.”

Working group discusses public intoxication problem in Port Hardy

The aim is to “set up a framework to make the community a safer place.”

Port Hardy RCMP’s 2017 year-end crime statistics

“We ended 2017 with 4140 files opened, versus 4042 files opened from the year before”

Duncan family says care home switched mom’s cat with robot cat

Staff alleged to have said they were taking cat for bath, then replaced her with robotic stuffed toy

Foot found near Victoria belonged to missing Washington man

No foul play suspected in death of Stanley Okumoto, 79

VIDEO: B.C. superfans soak in 2018 PyeongChang Olympics

Trio, including two from the Okanagan, have been cheering on Summerland Olympian Kripps among others in Korea

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

New charges against ex-Trump campaign associates

More charges were laid Thursday against President Donald Trump’s former campaign chairman and his business associate

Man accused in death of Winnipeg teen Tina Fontaine not guilty

Raymond Cormier was accused of killing Indigenous 15-year-old and dumping her body in the Red River

Vancouver Island job market ever-evolving

Various sectors driving employment in region will be represented at Black Press career fair in Comox Feb. 8

Okanagan real estate agents brace for speculation tax impact

“There’s a real potential for a domino effect to hurt the market in Kelowna.”

Human remains found near Campbell River

Human remains were found in a rural area outside Campbell River, RCMP… Continue reading

Alberta drops B.C. wine boycott, Notley says Horgan ‘blinked’ on pipeline

B.C. government announces court reference on proposed diluted bitumen restriction

UPDATE: Northern Health dealing with lack of 121 registered nurses

Auditor General says officials need to improve internal management, track effect of new policies

Most Read