Sears Canada is going out of business

11 October, 2017, 00:28 | Author: Terri Saunders
  • Sears Canada is going out of business

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 Canada announced 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.

Liverpool's Sadio Mane facing six weeks out with hamstring injury
They have already had to cope without Mane for some of this season, domestically at least, after his red card against Manchester City led to a three-match ban.


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.

Recommended:



Popular

Donald Trump Challenges Rex Tillerson to an IQ Test
A Forbes interview , published on Tuesday, showcased Trump's response to reports that Tillerson called him a " moron ". The " moron " issue was not addressed, according to this official.

UP plans 100-metre Ram statue in Ayodhya
The presentation also included information on programmes scheduled for Diwali celebrations in Ayodhya on October 18. The communique stated that the statue will be build at Saryughat after clearance from the National Green Tribunal.

Nathan Lane says Harvey Weinstein attacked him at Hillary Clinton's birthday
Three days after the report, Weinstein was sacked by The Weinstein Company, which he co-founded. What's remarkable about that silence is that Weinstein isn't, really, denying the allegations.

New mum Serena Williams sets comeback date for the 2018 Australian Open
When asked if Williams would play in Australia, Tiley told the Australian Associated Press : "Serena will be back". It is in several months and, obviously, it will be to her to determine where she is physically.

India skipper Virat Kohli registers first-ever T20I duck
With this win Australia levelled the series 1-1 and the last match in Hyderabad will decide who takes the series. Chasing a modest total of 119 on a Guwahati wicket did not trouble the Australian batsmen.

Walmart streamlines returns process with new mobile effort
Second, complete the process by dropping the product at the store's Mobile Express Lane and scanning QR code for the refund. It is also planning to do the same returns process for items bought from third-party sellers on its site.

United Nations sanctions committee bans 4 ships from entering ports
According to the MarineTraffic website, a maritime database that monitors the movement of vessels, Hao Fan 6 from St. He said the ban, which went into effect on 5 October, did not entail asset freezes or travel bans.

Looking for an Uber? Book it through Snapchat's 'context cards'
The feature will first roll out to Snapchat users in the United States, Canada, the United Kingdom, Australia and New Zealand. We've also integrated Stories into Context Cards, making it easy to see more Snaps from the places that interest you.

Royals give biggest grant ever to digital mental health scheme
Since Harry left the military, he has made campaigning over mental health issues and the fate of veterans two of his priorities. The investment will be used to establish a new start-up for digital mental health innovations.

Black Man Violently Attacked At Charlottesville Rally Faces Felony Charge
Harris told WRAL in Raleigh, North Carolina that doctors used eight staples to seal his head together after the attack. Charlottesville police have charged two of Harris's attackers, but only after a national campaign demanded they do so.