Sears Liquidation

Been to Sears lately? Neither have we. And, apparently, neither have many Canadians, putting the company in dire straits.

Sears Canada Inc. has announced that it will be applying to the Ontario Superior Court of Justice for approval to liquidate all of its remaining stores and assets.

Get Ready for Liquidation Sales

Pending approval of the Court – with a hearing scheduled for October 13 – liquidation sales at retail locations would start by October 19 and continue for 10 to 14 weeks.

According to a press release Sears Canada “received and implemented transactions for various lines of business, but following exhaustive efforts, no viable transaction for the company to continue was received.”

The company stated that it “deeply regrets this pending outcome and the resulting loss of jobs and store closures.”

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