Sears Canada set to close after failing to find buyer

Sears Canada to liquidate all its remaining stores and assets

It's Official, Sears Canada Is Going Out Of Business

Sears in Charlottetown will likely close by mid-December or early January if Sears Canada gets court approval to liquidate all its remaining stores and assets.

If the company gets the go-ahead, all of its remaining 130 stores will shut down, laying off 12,000 workers.

The embattled retailer, which has been operating under the Companies' Creditors Arrangement Act since June, said Tuesday that it had failed to find a buyer that would allow it to continue as a going concern.

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What started as a mail order catalogue selling clothes and appliances in 1952 quickly grew into a chain of stores across Canada, operated separately from those in the United States.

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.

"The company deeply regrets this pending outcome and the resulting loss of jobs and store closures", Sears Canada said in a statement on Tuesday.

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The retailer has approximately 12,000 employees, three-quarters of whom are part-time, Shaffer added. The company was granted creditor protection earlier this year and announced it would be closing 20 full-line locations, 15 Sears Home stores, ten Sears Outlets and 14 Sears Hometown locations.

"We have not been contacted by Sears or their representatives regarding their plan".

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.

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The motion will be heard on Friday October 13, and if it is approved the liquidation is scheduled to begin October 19th.

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