Sears Canada to start liquidation at various locations soon

Sears Canada got approval to begin liquidation for many locations to close.

Ontario Superior Court Judge Barbara Conway approved the motion on Tuesday.

Earlier in the day, Sears lawyer Jeremy Dacks said the company wanted to start sales of its merchandise, furniture, fixtures and equipment as soon as possible so it can “maximize” benefits for its stakeholders.

The liquidation sales will only occur at the 59 stores that are set for closure. They will begin Friday and run until Oct. 12, with the majority to be overseen by a third-party liquidator.

Current employees in the stores pegged for liquidation will be asked to stay on the job until the sales are complete and the locations are shut down.

Department store owner has been operating under court protection from creditors since June 22 when it announced its plan to shut 59 stores and cut approximately 2,900 jobs.


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