Economy

Sears Canada going out of business

Sears Canada is seeking the approval of the court to conduct the liquidation of all its stores and assets remaining, unable to find a buyer that would allow him to continue to operate its business.

The liquidation will affect 12,000 jobs, including the company's Toronto head office and 11 stores that the company announced it would shut last week, a spokesperson for Sears Canada told Global News via email.

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

The court hearing is expected for October 13.

Liquidation sales are expected to begin no later than October 19 and continue for between 10 to 14 weeks.

The company last week won court approval to close 11 stores and sell some businesses, and to extend creditor protection to November 7.

Sears store in Chatham.

In June, Sears announced that it would close more than half of its store locations in the midst of court protection and restructuring.

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.

Stranzl had stepped away from his duties in August in order to assemble a bid to purchase the retailer as a going concern. 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.

Sears said in a statement on September 29 it was still working with Stranzl to find a workable deal.



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