Sears set to close Canada operations

October 11, 2017 – HomeWorld Business magazine today reported that financially troubled Sears Canada is pulling the plug on its restructuring efforts and will liquidate all of its remaining stores and assets.

Sears

The company said it will be applying to the Ontario Superior Court of Justice for the liquidation approval. It is expected that the court will hear the motion on October 13. Pending approval of the court, it is expected that liquidation sales at retail locations would commence no earlier than October 19 and continue for 10 to 14 weeks.

Sears Canada was granted an initial bankruptcy protection order this past June while the company attempted to restructure and seek out proposals for the acquisition of or investment in the Sears Canada group of businesses, assets and leases. At that time, Sears Canada also closed 20 full-line locations as well as 15 Sears Home, 10 Sears Outlet and 14 Sears Hometown stores.

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