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.
You must be logged in to post a comment.