Sears hopes to liquidate all remaining stores and assets
Sears Canada Inc. is applying for court approval to liquidate all of its remaining stores and assets after failing to find a buyer that would allow it to continue doing business.
Suntimes reports that the retailer has been operating under the Companies’ Creditors Arrangement Act since June.
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 wants to start the liquidation sales no later than Oct. 19 and expects them to continue for 10 to 14 weeks.
Sears Canada says it regrets the pending outcome and the resulting loss of jobs and store closures.
The company has a store at Heritage Mall in Owen Sound.
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