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Posted: October 11, 2017

Sears Canada appealing to Canadian court to close stores, liquidate assets

Sears Canada Appealing To Canadian Court To Close Stores

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Sears Canada appealing to Canadian court to close stores, liquidate assets
TORONTO, ON - JUNE 21 - Stock picture of Sears stores, June 21, 2017. Sears Canada says that its survival is in doubt, liquidity having dried up. (Andrew Francis Wallace/Toronto Star via Getty Images)

By Shelby Lin Erdman, Cox Media Group National Content Desk

 

In what could be a foreshadowing of things to come in the U.S., Sears Canada wants to close all its stores and liquidate all its assets, but first the Ontario Superior Court of Justice must agree, according to a statement from the retailer.

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The court is expected to hear Sears’ petition on Friday, and if the court agrees, the struggling retailer could begin liquidation sales as soon as next week , which would impact the company’s remaining 130 stores, CNN Money reported.

The move will mean the loss of 12,000 jobs and that’s angered Canadian employees, according to CBC News.

“Many of us feel frustrated, anger, betrayal,” a Sears manager told the CBC. “People don’t know what to do.”

Sears told employees they will lose their jobs, the CBC reported, possibly within the next couple days, and that they’ll lose their benefits as soon as that happens.

The company issued a statement apologizing for the retailer’s demise.

>> Related: Sears hold liquidation sales beginning Friday; 20 more stores closing

“The company deeply regrets this pending outcome and the resulting loss of jobs and store closures,” according to Sears’ statement.

Sears Canada filed for bankruptcy in June.


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