Sears Canada asks court for permission to liquidate

Sears Canada asks court for permission to liquidate

Liquidation sales could start mid-October

Sears Canada is asking the Ontario Superior Court of Justice for permission to liquidate all of its remaining stores and assets.

The court is expected to hear the motion on Oct. 13 and if successful, liquidation sales will start on Oct. 19 and continue for 10-14 weeks.

This is just the final step in what’s been a difficult year for the troubled retailer.

In June, Sears announced that it would close more than half of its store locations in the midst of court protection and restructuring.

Grand Forks, Kamloops, Sechelt, Creston and Abbotsford were four of the 59 locations that closed their doors.

At the time, Sears said that it would not be able to provide severance packages for the 2,900 employees laid off as a result of those closures.

It applied to close its Kelowna, Nanaimo and Burnaby stores, as well as seven others across the country, at the end of last month. The closures would have affected 1,200 employees.

In the past year, the chain has lost over four-fifths of its value.

The loss in value, and an inability to stay afloat financially despite “exhaustive efforts” has led to the appeal for liquidation.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

SEARS Canada

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Alexa Wyatt-McCarthy, Courtney King, and Vernon North Okanagan RCMP Const. Nic Reimann, a board director for Cops for Kids, presented a new stroller and gifts Feb. 26, 2021, to a mother whose stroller was stolen in January. (RCMP)
Stolen Vernon stroller replaced in act of kindness

Fundraising efforts kickstarted by local businesswoman, backed by Vernon RCMP

A local aerial photographer's drone was stolen from his car Feb. 24. (Kyle Froud photo)
New Vernon business deflated by thieves

Aerial photographer’s drone stolen from car overnight

While the Okanagan Rail Trail remained open, Coldstream parks have been closed for a month now, but could re-open mid-May. (Jennifer Smith - Morning Star)
Funds link Okanagan Rail Trail to Predator Ridge

1.3-km section of multi-use trail with a safe crossing under Highway 97

Vernon Fire Rescue Services, BC Ambulance and Vernon North Okanagan RCMP responded to a three-vehicle collision at 32nd Street and 41st Avenue Friday, Feb. 26, 2021. (Google Maps)
Three vehicles collide on main Vernon road

Extent of injuries unknown at this time; police, ambulance and fire on scene

Several road closures were in effect Jan. 13 due to downed trees, but meanwhile many residents are hoping Lake Country will invest in fixing damaged roads in 2021. (District of Lake Country photo)
Road safety puts Lake Country traffic plans in drive

District funds traffic calming program, and community grant

Dr. Bonnie Henry leaves the podium after talking about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
COVID: 589 new cases in B.C., and 7 new deaths

No new outbreaks being reported Feb. 26

Arrow Lakes Caribou Society said the new caribou pen near the Nakusp Hotsprings is close to completion. (Submitted)
Maternity caribou pen near Nakusp inches closer to fruition

While Nakusp recently approved the project’s lease, caribou captures are delayed due to COVID-19

BC Housing has proposed that the emergency winter shelter at Victory Church at 352 Winnipeg Street be extended as a shelter until March 31, 2022. It was originally intended to be open until April 1, 2021. (Jesse Day - Western News)
One more year of ‘temporary’ homeless shelter in Penticton?

BC Housing has applied to extend Victory Church as a shelter for those experiencing homelessness

The Canada Revenue Agency says there were 32 tax fraud convictions across the country between April 2019 and March 2020. (Pixabay)
Vancouver man sentenced to 29 months, fined $645K for tax evasion, forgery

Michael Sholz reportedly forged documents to support ineligible tax credits linked to homeownership

Then-Liberal leader Andrew Wilkinson looks on as MLA Shirley Bond answers questions during a press conference at Legislature in Victoria. (Chad Hipolito / THE CANADIAN PRESS)
B.C. Liberal party to choose next leader in February 2022

Candidates have until Nov. 30 to declare whether they are running

NorKam secondary student Karis Wilson in the outfit that got her sent home from school on Feb. 23, 2021
Kamloops-Thompson school district drafts new dress code policy after students sent home

The new policy is being created after a NorKam secondary student was sent home because of what she was wearing

After nearly 10 months of investigations, Mounties have made an arrest in the tripping of an elderly woman in Burnaby this past April. (RCMP handout)
VIDEO: Mounties charge suspect for tripping elderly woman near Metrotown in April

32-year-old Hayun Song is accused of causing bodily harm to an 84-year-old using her walker

British Columbia provincial health officer Dr. Bonnie Henry arrives to view the Murals of Gratitude exhibition in Vancouver, on Friday, July 3, 2020. THE CANADIAN PRESS/Darryl Dyck
Death threats mount against Dr. Bonnie Henry, sparking condemnation from Horgan, Dix

Henry has become a staple on televisions in homes across British Columbia since January 2020

Image BC Coroner Services.
While B.C. overdose deaths soar, Princeton made a recovery in 2020

Between 2018 and 2020, eight Princeton residents died of suspected overdose.

Most Read