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Sears liquidation sales to officially start this week

  • by Xavier Trudeau
  • in Financer
  • — Oct 17, 2017
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Sears Canada is continuing its activities under the protection of the court against its creditors since June.

Stranzl had led a group that was interested in buying the retailer and turning its fortunes around.

However, no agreement has been concluded and the company received last week the green light to begin divesting itself of all of its stock and closed its last stores.

Sears Canada said it expects to start its liquidation sales on Thursday.

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Meanwhile, refunds on protection agreements will be allowed to customers that have purchased them within the past 30 days per normal procedures, and delivery service will continue to be available until November 30, 2017.

Over the past 18 months, Sears Canada had been attempting to reinvent the brand, and their plan had begun to gain traction with customers.

Justice Glenn Hainey approved a motion Friday, after being satisfied that there was no viable alternative, and extended its creditor protection until January 22 to allow for the liquidation process.

Sears Canada now has 74 full department store locations, eight Sears Home Stores, and 49 Sears Hometown stores, which all face closure.

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