The End Of The Line For SearsOctober 10, 2017 1:25pm
After decades of selling appliances, clothes, and furniture to Canadians, Sears Canada will soon be history.
The company announced Tuesday that it is seeking court approval to close its remaining stores and liquidate all of its remaining assets.
“Pending approval of the Court, it is expected that liquidation sales at retail locations would commence no earlier than October 19 and continue for ten to 14 weeks,” the company says in a statement.
It is expected that the Ontario Superior Court of Justice will hear Sears’ motion on Friday.
Tuesday’s announcement appears to be the final chapter in the troubled recent history of Sears Canada. The company was granted creditor protection earlier this year and announced it would be closing 20 full-line locations, 15 Sears Home stores, ten Sears Outlets and 14 Sears Hometown locations. The Sears Home store in London and the Sears store in Chatham were among those slated for closure. Last month, Sears Canada announced it would close an additional ten stores.
Company officials had hoped to find a buyer that would take over the remaining stores, but the search was unsuccessful.
“Sears Canada received and implemented going concern transactions for various lines of business, but following exhaustive efforts, no viable transaction for the Company to continue as a going concern was received. Accordingly, Sears Canada, with the recommendation of its advisors and approval of the Monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following Court approval. The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures,” the company’s news release says.