Sears Canada to liquidate remaining stores

The move will put roughly 12,000 people out of work

Sears Canada has received court approval to liquidate all its remaining stores, putting 12,000 employees out of a job.

Ontario Superior Court heard Friday 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.

The embattled retailer sought protection from its creditors in June.

A buyer group led by Sears Canada executive chairman Brandon Stranzl had been in discussions to purchase the retailer and continue to operate it. But a lawyer for Sears Canada told the court that although it had remained optimistic, no executable transaction exists.

Sears Canada closed 20 stores in June.

Just Posted

Site C dam goes ahead, cost estimate now up to $10.7 billion

Premier John Horgan says Christy Clark left him no other choice

Grade 11 students organise #clothingswap

Social Justice course examines ‘True Cost’

Moonlight Madness parade stalled, not stopped

‘Newlands Express’ float wins best in parade

VIDEO: Best photos of the Supermoon 2017

At its closest, the Frost Moon was about 363,300 km away from the Earth

Six-year-old boy needs $19,000 a month to treat rare form of arthritis

Mother of sick Sooke boy asks government to help fund treatments

Environmental groups slam NDP decision to continue with Site C

Construction industry, meanwhile, is cautiously optimistic about how the project will look

Be ladder safe both at work and home

WorkSafeBC wants you to keep safe while hanging those Christmas lights this year

B.C. overdose deaths surpass 1,200

96 people died of illicit drug overdoses in October

Crown appeals stay against Jamie Bacon in Surrey Six killings

B.C.’s prosecution service says judge’s decision reveals ‘errors of law’

Feds agree to give provinces 75 per cent of pot tax revenues

Finance Minister Bill Morneau announced the agreement today

Red Scorpion associates cuffed in drug-trafficking bust

Kamloops RCMP lay charges in connection to Red Scorpion drug trafficking ring

Greyhound calls for public transportation fund

Made-for-the-north proposal would open northern routes to bidding process

Most Read