We can’t say we didn’t see this coming.
According to a recent report from CBC, Sears Canada wants to liquidate its remaining stores and assets. The retailer plans to seek court approval and hopefully begin the liquidation process as soon as mid-October. The news comes just a week after announcing they would be closing additional stores, including two in the GTA, on top of the 59 stores they closed earlier this year.
“Sears Canada, with the recommendation of its advisers and approval of the monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval,” Sears Canada said in a release. “The company deeply regrets this pending outcome and the resulting loss of jobs and store closures.”
If Sears Canada receives court approval, the liquidation would begin no sooner than October 19, and continue for 10 to 14 weeks.
We’ll keep you updated as the story develops.
Are you surprised that Sears Canada will be closing?
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