Published: Wed, October 11, 2017
Technology | By Russell Knight

Sears Could Close All Stores For Good

Sears Could Close All Stores For Good

The company announced Tuesday it would seek a judge's permission to sell off its remaining stores after failing to find a buyer willing to continue operating them.

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 said it made "exhaustive efforts" to try to turn around the business, but that "no viable transaction for the company to continue as a going concern was received".

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In Regina, the Sears Home Store in Quance Street remained open as of Tuesday morning.

Sears Canada's court-appointed monitor FTI Consulting Canada told the court last week it would consider the revised bid but the company was running out of money and time. Executive chairman Brandon Stranzl had been working on a bid to save the company but has so far been unsuccessful.

Sears sent Business in Vancouver an email to say that about 12,000 people will lose jobs as a result of the dissolution and that this includes those who work at the 11 stores in the September 30 announcement.

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Employees will not be compensated, Power said, as it is not allowed through the Company Creditors Arrangement Act. About 75% of those employees are part-time workers, Sears said. Led by Wells Fargo Capital Finance Corp and GACP Finance Co they pushed Sears Canada to enter into liquidation agreements for the rest of its assets by October 7.

Sears Canada has faced a "slow and steady demise over the last 20 years", said retail analyst Bruce Winder, the co-founder and partner of Retail Advisors Network.

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