Sears Canada to Liquidate With the Loss of 12,000 Jobs
- Insolvent retailer to head to court Friday for plan approval
- Company seeks to liquidate all remaining stores and assets
A shopper walks past a Sears Canada Inc. store inside a mall in Toronto, Ontario, Canada, on June 22, 2017.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Sears Canada Inc. plans to liquidate its remaining stores with the loss of about 12,000 jobs, unable to fend off the march to online shopping after operating in malls and towns across the country for 65 years.
The Toronto-based chain will seek court approval for the filing on Friday and begin liquidation sales at its remaining 150 stores on Oct. 19 at the earliest, according to a statement Tuesday. The move follows a last-minute attempt by executive chairman Brandon Stranzl, backed by Blackstone Group LP, to put together an offer to save the retailer.