Sears Canada to liquidate remaining stores

The move will put roughly 12,000 people out of work

Sears Canada has received court approval to liquidate all its remaining stores, putting 12,000 employees out of a job.

Ontario Superior Court heard Friday that despite weeks of discussion, no viable buyer has been found.

Justice Glenn Hainey approved Sears Canada’s motion to liquidate its remaining 130 stores and said he was satisfied there was no viable alternative.

The embattled retailer sought protection from its creditors in June.

A buyer group led by Sears Canada executive chairman Brandon Stranzl had been in discussions to purchase the retailer and continue to operate it. But a lawyer for Sears Canada told the court that although it had remained optimistic, no executable transaction exists.

Sears Canada closed 20 stores in June.

Just Posted

Human remains found at Silver Creek property

RCMP have been searching the property in the 2200 block of Salmon River Road for the past three days

Search at Silver Creek property enters third day

A portion of the property has been cordoned off with black landscaping fabric

Man in custody linked to Silver Creek property search

Police are not saying how this search is related to Curtis Wayne Sagmoen’s current criminal charges

Day 2 of RCMP search at Silver Creek residence

Police use backhoe in ongoing search effort at residential/agricultural Salmon River Road property

Residents pay tribute to city’s homeless

He was articulate and well-spoken. He was great at self-reflection. He liked watching the Canucks. And more often than not, he lived at the Howard House Men’s Shelter.

VIDEO: Sears liquidation sales continue across B.C.

Sales are expected to continue into the New Year

New B.C. acute care centre opens for young patients, expectant mothers

Facility aims to make B.C. Children’s Hospital visits more comfortable

Search ramps up for B.C. woman after dog, car found near Ashcroft

Jenny Lynn Larocque’s vehicle and dog were found in Venables Valley, but there is no sign of her

Police officer hit by car, stabbed in Edmonton attack back on job

Const. Mike Chernyk, 48, returned to work Thursday

UBC medical students learn to care for Indigenous people

Students in health-related studies to take course, workshop to help better serve Aboriginal people

Dorsett has 2 goals, assist in Canucks’ 4-2 win over Sabres

‘It was a real good hockey game by our group,’ Canucks coach Travis Green said.

Berry disappointed: Bear tries to eat fake fruit on woman’s door wreath

A Winnipeg woman has taken her berry-embellished wreath down, after a hungry bear visited her porch

Symphony trumpets in new season

Kamloops Symphony makes first appearance of the 2017-18 season in Salmon Arm

Column: Back to the land in the 21st century

By Jim Cooperman, Observer columnist There is a slowly growing movement back… Continue reading

Most Read