October 23rd, 2017

Sears Canada in court seeking approval to liquidate remaining stores

By The Canadian Press on October 13, 2017.

TORONTO – Sears Canada is due in court today to seek approval for a full liquidation of its remaining stores as early as Oct. 19, putting another 12,000 employees out of a job.

The embattled retailer is scheduled to put forth a motion in Ontario Superior Court Friday to liquidate roughly 130 stores after it said earlier this week it had failed to find a viable buyer.

Sears Canada sought protection from its creditors in June.

A buyer group led by Sears Canada executive chairman Brandon Stranzl has been in discussions to purchase the retailer and continue to operate it.

But in a report dated Wednesday, the court-appointed monitor FTI Consulting Canada said that although the Stranzl group continued to be in discussions with stakeholders, no updated executable proposal had been presented.

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