Sears Canada set to shut down, 12,000 jobs at stake

After announcing a restructuring plan in June this year on receiving a stay order from the Ontario Court, Toronto-based Sears Canada is now set to commence liquidation process of all of its remaining stores and assets, which include around 130 store closures and around 12,000 job losses.

The company said in a statement that pending approval of the court, it expects that liquidation sales at retail locations would commence no earlier than October 19 and will continue for 10 to 14 weeks.

In June, the company had also received the court's approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group's business, assets and/or leases, and to implement one or a combination of proposals.

However, failing to get any viable transaction, on the recommendation of its advisors and approval of the monitor, FTI Consulting Inc., the company decided to seek an order to commence a liquidation that would result in a wind-down of its business following court approval.

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Picture:Sears Canada website