Sears Canada asks court for permission to liquidate

Liquidation sales could start mid-October

Sears Canada is asking the Ontario Superior Court of Justice for permission to liquidate all of its remaining stores and assets.

The court is expected to hear the motion on Oct. 13 and if successful, liquidation sales will start on Oct. 19 and continue for 10-14 weeks.

This is just the final step in what’s been a difficult year for the troubled retailer.

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

Grand Forks, Kamloops, Sechelt, Creston and Abbotsford were four of the 59 locations that closed their doors.

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.

It applied to close its Kelowna, Nanaimo and Burnaby stores, as well as seven others across the country, at the end of last month. The closures would have affected 1,200 employees.

In the past year, the chain has lost over four-fifths of its value.

The loss in value, and an inability to stay afloat financially despite “exhaustive efforts” has led to the appeal for liquidation.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Legion bell prank hits sour note

Anger erupts after Summerland Legion member removes bell from Peachland Legion

Safe winter driving urged

Police have answered accident calls following snowfalls

Attempted murder charge up in the air after victim’s death

Without Thomas Szajko’s testimony, alleged shooter Afshin Ighani could get off on that charge

Site C dam goes ahead, cost up to $10.7 billion

Premier John Horgan approves completion of B.C.’s costliest project

Kelowna Parkinson’s SuperWalk team donates to local shelter

Good Vibrations donated $300 to Inn from the Cold

Steve Miller and Peter Frampton headed to Kelowna

Concert announced for Kelowna April 18

Red Scorpion associates cuffed in drug-trafficking bust

Kamloops RCMP lay charges in connection to Red Scorpion drug trafficking ring

Merry lottery win for Shuswap man

Five-dollar scratch ticket a $100,000 winner for Sicamous resident

Woman sought in Kamloops stabbing

Kamloops RCMP are looking for the woman they believed stabbed a man on Sunday

Emergency response ‘well executed’ in B.C. carbon monoxide poisoning

Emergency Health Services talks about how first responders dealt with this ‘mass casualty event’

Update: Dog inside stolen vehicle in Oliver reunited with owner

A black Honda CRV was stolen from the Oliver Chevron early Sunday morning

WestJet Christmas video turns children’s wishes into reality

This year’s annual video took a new spin on the 12 days of Christmas

Firefighters protect seaside California towns as blaze rages

A flare-up on the western edge of Southern California’s largest and most destructive wildfire sent residents fleeing Sunday

Putin declares victory on visit to air base in Syria

Declaring a victory in Syria, Putin on Monday visited a Russian military air base in the country and announced a partial pullout of Russian forces from the Mideast nation.

Most Read