Sears Could Close All Stores For Good

Ivan Schwartz
October 11, 2017

But it looks like all those efforts were in vain because this morning, Sears Canada has officially applied to the Ontario Superior Court of Justice for approval to liquidate all of its remaining stores and assets.

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. Executive chairman Brandon Stranzl had been working on a bid to save the company but has so far been unsuccessful.

The company on September 30 announced plans to close an additional 10 full department stores and a Sears Home store.

The retailer has approximately 12,000 employees, three-quarters of whom are part-time, Shaffer added.

Sears Canada Inc.is an independent Canadian digital and store-based retailer whose head office is based in Toronto.

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Napper said Sears occupies about 160,000 square feet in Midtown Plaza, representing between 15 and 18 per cent of the mall's total space.

The Ontario Superior Court of Justice is expected to hear the motion to liquidate on Friday, the company said, and it expects liquidation sales to begin on about October 19 and continue for 10 to 14 weeks.

Jean Rickli, a senior advisor with retail and marketing consulting firm J.C. Williams Group, said the retailer had taken some positive steps to revitalize the brand in recent years, such as a new logo and utilizing pop-up shops.

The only takeover bid that offered some hope of keeping Sears Canada afloat failed, with creditors arguing liquidation would yield a better payout than to keep the company solvent.

Prior to the bankruptcy filing, Sears Canada had been in the midst of a turnaround, which included a new off-price model and a revamped private label assortment.

Other reports by GizPress

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