Sears Canada to seek liquidation, then closure
Sears Canada will ask for court approval on Oct. 13 to begin liquidation of its stores and assets, throwing about 12,000 employees out of work, according to media reports Tuesday, APA reports quoting AA.
The company, “with the recommendation of its advisors and approval of the monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval,” Sears Canada said in a statement. A monitor keeps an eye on business proceedings and provides advice.
The move comes after several attempts to sell the chain were fruitless, including a takeover bid by Sears executive chairman Brandon Stranzl to keep the retailer in operation.
“Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received,” the statement said.
In June, Sears Canada – a separate operation from Sears in the U.S. – sought court protection from its creditors and in a bid to reinvent itself, shuttered 35 home and department stores, along with small-market home-town locations and discount outlets. It also eliminated 2,900 employees.
Last week, the court approved the closing of another 11 stores. But the monitor, FTI Consulting, warned that Sears was running out of money.
The approximately 130 remaining stores will be closed once assets are liquidated.
The company said it will start liquidation sales later this month and expects it to take 10-14 weeks.
The group of lenders who had financed Sears to keep the stores in operation during its creditor protection pushed for liquidation during the Christmas buying season to obtain maximum sales and value.
Related news releases
- 22.06.2018Pentagon asked to house up to 20,000 migrant children
- 22.06.2018US House rejects conservative immigration bill
- 21.06.2018Trump signs order halting separation of families
- 20.06.2018House to vote on Thursday on immigration bills
- 20.06.2018US withdraws from UN Human Rights Council
- 19.06.2018US, Russian top diplomats discuss Syria over phone
- 19.06.2018Trump orders creation of US 'Space Force'
- 17.06.2018Argentina to replace energy and production ministers
- 16.06.2018At least 17 dead in Venezuelan nightclub after tear gas blast
- 16.06.2018Kushner, Haley hold talks with UN chief on humanitarian needs in Gaza
- 16.06.2018U.S. warns Americans of terrorism threat at World Cup in Russia
- 16.06.2018Trump supports Republican immigration bills in U.S. House: White House
- 16.06.2018U.S. judge sends ex-Trump campaign head Manafort to jail pre-trial
- 16.06.2018Trump sets tariffs on $50 billion in Chinese goods; Beijing strikes back
- 15.06.2018Trump tells G7 leaders that Crimea is Russian
- 15.06.2018Pompeo says North Korea sanctions to remain until complete denuclearisation
- 15.06.2018UN calls for vital port of Hudaydah to stay open
- 15.06.2018Nicaragua president's foes stage nationwide strike
- 15.06.2018DoD Chief Mattis Discusses With S Korean Counterpart Results of Singapore Summit
- 15.06.2018US forces conduct airstrike in Libya, manage to kill one terrorist
- 14.06.2018Facebook's chief of communications, policy to step down
- 14.06.2018Norwegian politicians nominate Donald Trump for Nobel Peace Prize
- 14.06.2018UN votes to condemn Israel's 'excessive force' against Gaza Protests
- 14.06.2018Top White House officials planning to quit
- 14.06.2018Volcanic ash forces Guatemala airport to suspend operations
- 14.06.2018Trump says summit removed North Korean nuclear threat
- 14.06.2018Antarctic thaw quickens, trillions of tonnes of ice raise sea levels
- 13.06.2018Trump, Iran spar over oil prices ahead of OPEC meeting
- 13.06.2018Trump says no war games while North Korea negotiates in good faith
- 13.06.2018New US sanctions will have no effect - Russia’s Foreign Ministry
- 13.06.2018Kim Jong-un, Donald Trump accept each other's visit invitations
- 12.06.2018UN Sec Gen: implementing agreements by US, North Korean leaders requires patience
- 12.06.2018US must sustain maximum economic pressure on Pyongyang - House Speaker
- 12.06.2018Trump top economic adviser suffers heart attack moments before Trump-Kim Summit
- 12.06.2018US sanctions new Russian entities over cyberattacks
- 12.06.2018US extradites former Panamanian president
- 11.06.2018Guterres: UN ready to play verification role in N Korea denuclearization process
- 10.06.2018Mexican parliamentary candidate shot dead after debates
- 10.06.2018G7 nations release joint communique
- 09.06.2018Any agreement with North Korea will be 'spur of the moment': Trump
- 05.06.2018Guatemalan families continue search for victims after volcano eruption
- 05.06.2018Fashion designer Kate Spade found dead
- 05.06.2018Ecuador's FM becomes UN General Assembly president
- 04.06.2018Talks with US' Pompeo 'very successful': Turkish FM
- 04.06.2018US: Trump claims 'absolute right' to pardon himself
- 04.06.2018Guatemala volcano eruption death toll rises 40
Top news of the day