Sears Canada Gets Court Approval To Liquidate Remaining Stores

Philip Mohtadi, left, General Counsel and Corporate Secretary at Sears Inc., and Billy Wong, right, Chief Financial Officer at Sears Inc., arrive at the Ontario Superior Court in Toronto on Friday.

TORONTO — Sears Canada has received court approval to proceed with a full liquidation of its remaining stores, putting another 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 that 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 Friday that although it had remained optimistic, no executable transaction exists.

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Source:: The Huffington Post – Canada Business

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