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Sears Canada to Seek Court Approval for Liquidation
11 October 2017, 12:30 | Austin Hogan
Sears Canada said if it gets court’s approval it is expected liquidation sales at retail locations would start no earlier than Oct. 19
Sears Canada moved a step nearer to permanent closure after several attempts to find a buyer failed, with the retailer saying it will seek court approval on Friday to shutter its remaining 130 stores, leaving 12,000 employees without jobs. "Accordingly, SearsCanada, with the recommendation of its advisors and approval of the Monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval". Executive chairman Brandon Stranzl had been working on a bid to save the company but has so far been unsuccessful.
However, on Tuesday, the retailer said that "following exhaustive efforts, no viable transaction" was received.
Sears Canada now has 74 full department store locations, eight Sears Home Stores, and roughly 49 Sears Hometown stores, facing closure, according to company spokesman Joel Shaffer.
The retailer now has approximately 12,000 employees, three-quarters of which are part-time, Shaffer added.
Should the court approve its request, liquidation sales at retail locations will begin on October 19 and continue for 10 to 14 weeks.
Sears in Canada had grown out of a partnership between the Chicago retailer and rival Simpsons in Toronto.
It also adds to the list of retail bankruptcies this year. Sears Canada will continue to provide updates regarding its restructuring as developments warrant.
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.
"It's a sad day for us in retail, in many ways", he said.
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