Sarnia's Sears Store Included In Closure Plans

Sears Canada asks court for permission to liquidate     Liquidation sales could start mid October
    Katya Slepian Tue Oct 10th 2017 11:00amBusiness

Sears Canada is announcing that it will seek to begin liquidating all of its remaining stores after no buyer for the company could be found.

The court overseeing Sears Canada's operations is expected to hear a motion Friday seeking approval for the liquidation and wind-down of the business.

"Sears Canada received and implemented going concern transactions for various lines of business, but following exhaustive efforts, no viable transaction for the company to continue as a going concern was received", Sears said in a statement.

"The people who have worked for us have been fantastic", said Vincent Power, spokesperson for Sears Canada, in a phone interview with CBC P.E.I.

That tally doesn't include the 2,900 job cuts Sears Canada previously announced in June, when it announced the closure of 20 department store locations, 15 Sears Home stores, 10 Sears Outlet and 14 Sears Hometown locations.

"We have not been contacted by Sears or their representatives regarding their plan".

Tyrrell Hatton holds off Ross Fisher to retain Dunhill crown
As well as Fisher's 61 and Dubuisson's 63, two players shot 65, five shot 66 and 10 shot 67 on the par-72 layout. Hatton, who wins US$800,000, said: "I've got a new caddie on the bag at the moment, my good friend, Jonathan".

Should the court approve its request, liquidation sales at retail locations will begin on October 19 and continue for 10 to 14 weeks.

But its lenders required it to enter into liquidation agreements for the rest of its assets by October 7, agreeing with FTI Consulting that they would recover more through liquidation than a deal to keep it operating.

The embattled retailer has been operating under the Companies' Creditors Arrangement Act since June.

It also adds to the list of retail bankruptcies this year.

Edward Lampert, CEO of Sears Holdings, which spun off Sears Canada, had considered his own bid for the retailer through his company ESL Partners in collaboration with Fairholme Capital.

"It's a sad day for us in retail, in many ways", he said.

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