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

Community Leader Awards: Anja Dumas

The Kelowna Capital News puts the spotlight on community leaders with annual awards

Sagmoen neighbours recall alleged hammer attack

Woman was screaming outside Maple Ridge townhouse in 2013

Blowing snow, slippery sections on Okanagan Connector

Compact snow, poor visibility on Highway 97 from Pennask Summitt to Brenda Mines.

IH adds immunization clinic Sunday in Kelowna

Drop-in meningococcal vaccination clinic on today at Community Health & Services Centre

Fire crews investigating oil sheen on Penticton Creek

Fire crews are working to contain the oil from spreading

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Family suspends search for missing Alberta couple, plane near Revelstoke

Due to bad weather, families of missing Albertan couple say they will resume in the spring

Fire crews investigating oil sheen on Penticton Creek

Fire crews are working to contain the oil from spreading

UBCO prof tests software to help cancer patients

Program may help those reluctant to engage ‘tough conversations’ in advance care planning

Broken de-icer delays flights at Kelowna airport

Passengers were on board for three hours Sunday waiting for departure to Vancouver

Canadian grocers make $3M per year from penny-rounding: UBC study

Ottawa announced plans in 2012 to phase out the copper coin

Well-known Canadian bird making a comeback

Once on the brink of extinction, the peregrine falcon no longer considered at risk in Canada.

Suzuki: Shine a light during dark times

People need to remain positive despite difficult and unpredictable political climate

Most Read