Sears Canada to liquidate remaining stores

The move will put roughly 12,000 people out of work

Sears Canada has received court approval to liquidate all its remaining stores, putting 12,000 employees out of a job.

Ontario Superior Court heard Friday that despite weeks of discussion, no viable buyer has been found.

Justice Glenn Hainey approved Sears Canada’s motion to liquidate its remaining 130 stores and said he was satisfied there was no viable alternative.

The embattled retailer sought protection from its creditors in June.

A buyer group led by Sears Canada executive chairman Brandon Stranzl had been in discussions to purchase the retailer and continue to operate it. But a lawyer for Sears Canada told the court that although it had remained optimistic, no executable transaction exists.

Sears Canada closed 20 stores in June.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The track washrooms will be opened up again next year in May. (Priyanka Ketkar photo/Lakes District News)
Toilets, sinks torn off, graffiti on walls at the Burns Lake track washroom

“Seems to happen once or twice a year” says the Village CAO on the vandalized track washroom

FILE - Nathan Cullen speaks to media in Smithers, B.C., Friday, February 28, 2020. THE CANADIAN PRESS/Jonathan Hayward
Horgan, Cullen apologize for Stikine candidate’s comments about Haida candidate

Nathan Cullen had made insensitive comments about Roy Jones Jr. Cheexial

The pile burning will occur to the south of François Lake. (Submitted/Lakes District News)
Pile burning and rehab work on three areas south of François Lake

Smoke might be visible for Burns Lake and neighboring areas

Participants earlier this year in March for Lakes Loppet at the ski club. (Lakes District News file photo)
How is Omineca Ski Club prepping for this ski season?

Covid restrictions, social distancing but ski season to continue

FOR WEB ONLY. (Lakes District News file photo)
Question Bill C-7, says this reader

Editor: Have you ever felt strongly convicted about something one day and… Continue reading

Provincial health officer Dr. Bonnie Henry presents modelling of COVID-19 spread in B.C., March 25, 2020. (B.C. government photo)
B.C. sets another COVID-19 record with 203 new cases

up to 1,766 active cases in B.C., two more deaths

One of the squirrels who ended up having their tails amputated after getting them stuck together with tree sap. (Facebook/Wild ARC)
Squirrels recovering from tail amputation after sap situation near Victoria

BC SPCA Wild ARC says squirrels will be released back into wild, fifth sibling was euthanized

More and more electric cars are on the road, but one Chevy Bolt owner was shocked to see how much his BC Hydro bill skyrocketed once he started charging the vehicle. (Black Press file photo)
Lower Mainland man sees significant spike in BC Hydro bill after buying electrical vehicle

An increase should be expected, but Brian Chwiendacz experienced a 200-plus per cent hike

The Anonymous YVR is an Instagram page that reviews restaurants and other establishments around B.C. based on how well they adhere to COVID-19 rules. (Instagram)
Anonymous Instagram page reviews COVID-19 safety measures at B.C. businesses

There are a number of public health orders various types of establishments must follow to slow virus’s spread

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Jordan Naterer, an electrical engineer from Vancouver, was last seen Saturday Oct. 10. (Facebook photo)
Search efforts to resume for missing Manning Park hiker; Trudeau speaks on case

PM says he’ll do what he can to ‘nudge’ efforts to find Jordan Naterer, yet has little leverage locally

Smartphone showing various applications to social media services and Google. (Pixabay photo)
National media calling for level playing field with Google, Facebook

In Canada, Google and Facebook control 80 per cent of all online advertising revenues

Most Read