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

West Kelowna to stick with regional transportation planning

City council votes to rescind its move to leave regional planning body

Vernon at centre of rail trails convergence

More local development input sought for Okanagan and North Okanagan/Shuswap rail trails

Keeping pets safe at Christmas

This time of year presents a lot of possible health hazards for our pets

UBCO researchers find link between methane and Amazon rainforest

It turns out that trees in the Amazonian floodplain act as “chimneys,” according to a researcher

Kelowna Gospel Mission creates more meals with new slicer

The slicer was donated by the Morningside Rotary Club

VIDEO: Average Canadian food bill to rise by $348 in 2018

Atlantic Canada and B.C. will see the most increases for consumers

Flag person’s death shines light on dangers

Company calls for more awareness of and respect for flaggers

Rockets fall in Swift Current for third straight loss

The Broncos score the game’s first five goals in Kelowna’s fourth game of six-game eastern trip

Star gazing: Mars – the Red Planet

Mars is part of our culture, currently of extreme scientific interest, and sufficiently like Earth

Kelowna auto dealer revs up KGH building project with big donation

Kelowna Toyota has donated $30,000 to help build JoeAnna’s House on hospital grounds

More than 20,000 pounds of garbage removed from riverside homeless camps

Two camps taken down last week on the banks of the Fraser and Chilliwack rivers

Suspect in Revelstoke standoff killed himself: RCMP

Mohammadali Darabi, suspect in the Calgary homicide of his roommate, was stopped in Revelstoke

Clinton visits Vancouver, applauds Trudeau, celebrates Democrats’ win in Alabama

Clinton told crowd she cheered when Prime Minister Justin Trudeau appointed the country’s first gender-balanced cabinet.

VIDEO: Salt Spring Islanders ferry piano to their floating home

Everyone enjoys a little music on the water, but not everyone has a piano on their boat

Most Read