Sears Canada Runs Out of Time, Opts for Liquidation

Sears Canada Runs Out of Time, Opts for Liquidation

It's been a tough few months for once-iconic department store brand Sears, and it looks like news isn't getting any better for the once beloved retailer.

Sears Canada was granted an initial order and protection under the Companies' Creditors Arrangement Act (CCAA) on June 22.

Weighed down by over C$1.1 billion ($879 million) in liabilities, nearly matching its assets, and falling sales every quarter since it was spun off from Sears Holdings in 2012, Sears Canada filed for creditor protection in June.

Company officials had hoped to find a buyer that would take over the remaining stores, but the search was unsuccessful.

Recently, Sears Canada revealed its intentions to seek court approval to begin liquidation of all of its remaining stores and assets.

The Kingston Sears Home store in the RioCan Centre closed in the summer.

Sears last week received a revised bid from a group led by its executive chairman Brandon Stranzl to buy the business.

More news: Trump challenges Secretary of State to IQ test after 'moron' dig

Sears Canada now has 74 full department store locations, eight Sears Home Stores, and roughly 49 Sears Hometown stores, facing closure, according to company spokesman Joel Shaffer.

If the court approves, Sears expects liquidation sales at retail locations would start no sooner than October 19 and will continue for 10 to 14 weeks.

That tally doesn't include the 2,900 job cuts Sears Canada previously announced in June, when it announced the closure of 20 department store locations, 15 Sears Home stores, 10 Sears Outlet and 14 Sears Hometown locations.

It also adds to the list of retail bankruptcies this year.

For awhile now, people have been speculating that Sears Canada was doomed.

"It's a sad day for us in retail, in many ways", he said.

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