The final chapter in the history of Sears Canada will soon be written.
The company was given court approval Friday to close its remaining stores and liquidate its assets. The decision comes four months after the company sought protection from creditors. In June, it 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.
On Tuesday, Sears Canada announced it was seeking court approval to shut down its remaining stores. Friday's decision clears the way for liquidation sales to begin next Thursday. The liquidation sales are to finish by late-January.