Sears Canada seeks OK to close all stores
TORONTO – Sears Canada Inc. is seeking court approval to liquidate its roughly 130 remaining stores.
That would leave about 12,000 employees without a job.
The embattled retailer has been operating under the Companies’ Creditors Arrangement Act since June. It said Tuesday it failed to find a buyer that would allow it to continue.
The court overseeing Sears Canada’s operations is expected to hear a motion Friday seeking approval for the liquidation and wind-down of the business.
Sears last week received a revised bid from a buyer group led by its executive chairman Brandon Stranzl to buy the business.
A lawyer for Sears Canada’s court-appointed monitor told the court it would consider the bid, but the company was running out of money and time.