Sunday, 22 October, 2017

Sears seeks to liquidate all stores

It's Official, Sears Canada Is Going Out Of Business Sears Canada tells employees 'all of our jobs' will be eliminated
Mae Harvey | 11 October, 2017, 00:28

Sears Canada is announcing that it will seek to begin liquidating all of its remaining stores after no buyer for the company could be found.

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

The company on September 30 announced plans to close an additional 10 full department stores and a Sears Home store.

The company said it made "exhaustive efforts" to try to turn around the business, but that "no viable transaction for the company to continue as a going concern was received".

The retailer has approximately 12,000 employees, three-quarters of whom are part-time, Shaffer added.

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

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However, Susan Ursel, a lawyer representing current and former Sears Canada employees, says a liquidation would be "extremely detrimental".

Litigators for a group of lenders who have provided debtor-in-possession financing to Sears Canada to keep it afloat pushed for a liquidation agreement to be entered into by October 7 at the latest.

Since its bankruptcy filing, the retailer had been splashed across the headlines, as Canadian news outlets chronicled the ill will it had garnered stemming from its treatment of former employees.

It's been a tough few months for once-iconic department store brand Sears, and it looks like news isn't getting any better for the once beloved retailer.

Sears Canada was granted an Initial Order and protection under the Companies' Creditors Arrangement Act ("CCAA") on June 22, 2017.

For awhile now, people have been speculating that Sears Canada was doomed.

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