Canada Sears to liquidate all stores

Canada Sears to liquidate all stores

Canada Sears to liquidate all stores

13, 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.

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.

What started as a mail order catalogue selling clothes and appliances in 1952 quickly grew into a chain of stores across Canada, operated separately from those in the United States.

The embattled retailer sought protection from its creditors in June.

Liquidation sales are scheduled to begin October 19 and finish no later than January 21.

The company stated that after an exhaustive search for proposals or acquisitions and investment, it has not received any and has thus taken the decision to liquidate the business.

Once completed, 12,000 Sears staff will be out of work.

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