Economy

Lime Ridge Mall Sears location is closing, among 11 others

Lime Ridge Mall Sears location is closing, among 11 others”

The Canadian retailer has entered into a number of lease surrender agreements and a lease amending agreement that will result in the closure of the store in Orchard Park Mall, as well as leased locations in Nanaimo and Burnaby, according to a statement released Friday.

The controller of Sears Canada warned on Tuesday that the retailer had less and less funds, and that the time might come running out to reach an agreement reasonable with the group of buyers led by its former executive chairman, Brandon Stranzl.

The retailer's motion will be reviewed by the Ontario Superior Court of Justice on October 4. His readjusted bid takes the loss of those locations into account, the person familiar with the matter said.

"If by November 7th there's no one coming to buy it, it could be the end of the company".

Mr. Perelman is known in retail-investing circles for issuing a bullish report in 2013 on Sears Canada's US namesake, Sears Holdings Corp.

Sears owes C$226 million ($181 million) in bankruptcy financing to Wells Fargo Capital Finance Corp. and GACP Finance Co., according to the report.

"It's been a really good store for me", she said.

"Understanding, among other components, the role a successful bid could play in saving jobs, Sears Canada advisers continue to engage with Mr. Stranzl with the goal of enhancing the value and reducing the conditionality of the proposed transaction". The "last-ditch" bid comes as lenders press in bankruptcy to liquidate the assets of the Canadian department store retailer.

The monitor also asked for court approval to spin off the company's S.L.H.

The controller supports the request of the company to obtain permission to sell certain assets - in particular the franchise chain Corbeil, the activities of Transport SLH and the brand of appliances Viking.



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