giftedviz.com
giftedviz.com July 18, 2018


Sears Canada to Seek Court Approval for Liquidation

11 October 2017, 12:30 | Austin Hogan

Sears Canada to Seek Court Approval for Liquidation

The doors of the Sears at Eaton Centre in Toronto are seen closed for the last time

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, Sears Canada, 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.

Iceland, Serbia reach World Cup finals, Ireland upsets Wales
With Serbia winning 1-0 over Georgia to top Group D, the showdown in Cardiff was for the prize of a playoff berth in November. That means the Viking chant popularized by Iceland fans at Euro 2016 will be heard across Russian Federation next year.


Blade Runner 2049 falls short during opening weekend
The feature film to the hit children's TV show stars the voice work of Emily Blunt , Kristin Chenoweth, and Uzo Aduba. Pictures were hoping for a big opening weekend for the film at the box office .


Hillary Clinton describes Donald Trump as 'the most risky President in history'
Some Republicans have seized on the Weinstein report and his ties to the Democratic Party. Clinton's former running mate, Virginia Democratic Sen.


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.



Other News

Trending Now

Snapchat Now Lets You Book Uber, Find Restaurants
For launch, context cards will be available in the U.S., U.K., Canada, Australia, and New Zealand on both Android and iOS. Snapchat is partnering with several services including OpenTable and Lyft to launch something new called Context Cards.

Twitter to Introduce a New Bookmarking Tool
But from now, Twitter users will be able to bookmark the tweets so they can do whatever they want with the bookmarked tweets . Twitter hasn't announced a release date for the upcoming feature, but you should expect updates in the coming weeks.

How to check that you're using the real Adblock Plus Chrome extension
News broke recently that a fake version of the Adblock Plus browser extension had made its way into the Chrome Web store. Also, for AdBlock Plus, this is not the first time a fake extension has tried to copy it, notes Neowin.

Prince Harry Teams Up With Ministry Of Defence To Promote Mental Health
He said: "I was told 'Grab a man suit, suck it up!' These were the phrases I was shouted at by a colour sergeant". See, he [Harry] goes early! As a parent, he also wants to tackle the problem from the very beginning.

National Football League stars Watt, Beckham Jr suffer injuries
In addition to losing Beckham for the season, the Giants will also be without veteran wide receiver Brandon Marshall . They'll join Roger Lewis Jr., who came out of Sunday's game as the only healthy receiver on the 53-man roster.

South Bay, Los Angeles, county send firefighters to battle Orange County fire
Some schools like Tustin Unified School District and Santiago Canyon College have called off classes. Monday near the 91 Freeway and Gypsum Canyon Road, and quickly leaped the California 241 toll road.

Black man beaten at white supremacist rally in Charlottesville faces felony charge
What was Harris's reaction to the warrant? Harris suffered a concussion and a head laceration that required 10 staples. Harris who struck the first blow in that fracas", according to the Daily Progress . "I chipped my tooth", Harris said.

Vegas cops change shooting timeline: Security guard warned before gunman opened fire
The security guard, Jesus Campos , was shot in the leg by some of the more than 200 rounds that Paddock fired into the hallway. Campos was shot through the door at 9:59 p.m. - "prior to [Paddock's] shooting to the outside world", Lombardo said.

Tyrrell Hatton achieves Tiger Woods-level dominance at St Andrews
Fisher poured in four more birdies on the back nine to pull within three with three holes to go and enter 59 watch. Jack Nicklaus has spoken on the golf ball for years, with a strong opinion that today's version goes too far.

UR grad wins Nobel Prize in economics
A University of Rochester graduate and former faculty member is the latest recipient of the Nobel Prize for economics. The Nobel committee said Thalers work shows how human traits affect individual decisions as well as market outcomes.