Sears Canada Winding Down Operations
WINNIPEG, MB. — Sears Canada is about to disappear.
The faltering retailer plans to liquidate and shutter its remaining stores.
Sears will ask an Ontario court on Friday, October 13th for permission to move forward with the plan.
Liquidation sales would start on or after October 19th and take about 10 to 14 weeks.
Those sales will be detailed in court at the right time.
Sears Canada was granted protection under the Companies’ Creditors Arrangement Act (“CCAA”) on June 22, 2017.
That’s the same route Target Canada took to protect itself from creditors.
Sears tried to hold on.
It received the Court’s approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group’s business, assets and/or leases, and to implement one or a combination of proposals.
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.
Its consulting partner has now recommended it wind-down the business.
Sears says it deeply regrets this pending outcome and the resulting loss of jobs and store closures.
Photo – File