Sears said on Tuesday (Oct 10) it will seek court approval to liquidate all of its remaining Canadian stores, marking the end of an iconic department store. Sears Canada has been in court-approved creditor protection since.
Sears last week received a revised bid from a group led by its executive chairman Brandon Stranzl to buy the business.
On Tuesday, the retailer said in a statement that "following exhaustive efforts, no viable transaction" was made. Last month, Sears Canadaannounced it would close an additional 10 stores.
The retailer now has approximately 12,000 employees, three-quarters of which are part-time, Shaffer added. About 75% of those employees are part-time workers, Sears said.
Sears sent Business in Vancouver an email to say that about 12,000 people will lose jobs as a result of the dissolution and that this includes those who work at the 11 stores in the September 30 announcement.
If Sears Canada gets court approval to begin the process, it expects liquidation sales at its stores would start no earlier than October 19 and continue for 10 to 14 weeks.
Napper said Sears occupies about 160,000 square feet in Midtown Plaza, representing between 15 and 18 per cent of the mall's total space.
But its lenders required it to enter into liquidation agreements for the rest of its assets by October 7, agreeing with FTI Consulting that they would recover more through liquidation than a deal to keep it operating.
The only takeover bid that offered some hope of keeping Sears Canada afloat failed, with creditors arguing liquidation would yield a better payout than to keep the company solvent.
It also adds to the list of retail bankruptcies this year.
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