Sears Canada to Liquidate

Sears Canada, currently in bankruptcy protection, wants to liquidate all its stores.

The chain, which now numbers 130 stores, first filed for bankruptcy protection in June. The decision requires court approval.

While Sears Canada is a separate entity from Chicago-based Sears Holdings, Sears Holdings owns nearly 12 percent of the company, and investment affiliates of Sears Holdings chairman Edward Lampert own 45 percent.

The chain expects to begin liquidation sales Oct. 19 and have them continue through the holiday.

The retailer said it has received several offers from suitors, but in the end, none of them were viable.

A statement said it “deeply regrets this pending outcome and the resulting loss of jobs and store closures.” An estimated 12,000 workers are affected.

JCK News Director