Sears Canada to Seek Court Approval for Liquidation

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Sears Canada is looking at court approval to liquidate all of its remaining stores and assets.

The Toronto-based retailer expects to begin liquidation sales on October 19 at the earliest, according to a statement Tuesday.

The embattled retailer has been operating under the Companies' Creditors Arrangement Act since June.

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Like other major department stores, Sears Canada was the victim of changing consumer habits as well as increased competition from online merchants and U.S. discount retailers entering the Canadian market. The company said it "deeply regrets this pending outcome and the resulting loss of jobs and store closures".

However, the company said Tuesday that "following exhaustive efforts, no viable transaction for the company to continue as a going concern was received". 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.

The monitor's report, which was filed October 2, noted that there may not even be enough time to reach an acceptable deal with a buyer group headed by Sears' executive chairman, Brandon Stranzl.

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Last week, it received court approval to close 11 other stores.

The court overseeing Sears Canada's operations is expected to hear a motion Friday seeking approval for the liquidation and wind down of the business.

The company announced in June that it would be closing nearly 60 stores.

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