Sears Canada to Liquidate

Decision impacts more than 12,000 workers and marks the end of the 65-year-old chain
October 17, 2017Allison Zisko

Sears CanadaTORONTO—Sears Canada will officially begin closing its doors later this week after an Ontario Superior Court judge approved last Friday a motion to liquidate all of its remaining stores and assets.

The decision will affect more than 12,000 people who work at the retailer’s 130 remaining stores across Canada, according to reports, and marks the end of an era for the chain, which has operated in Canada for 65 years.

Liquidation sales will begin Oct. 19 and continue for 10 to 14 weeks, according to Sears Canada.

Sears Canada had filed for bankruptcy in June, was granted an order from the Ontario Superior Court of Justice for a stay of proceedings for an initial 30 days, and obtained debtor-in-possession financing of C$450 million. At that time the company also said it would close 20 full-line locations, 15 Sears Home stores, 10 Sears outlets and 14 Sears Hometown locations and lay off 2,900 workers across its retail network and at its corporate head office in Toronto.

The Sears Canada Group was spun off from Sears Holdings in 2012.

 

Allison ZiskoAllison Zisko | Managing Editor/Tabletop Editor
azisko@hfnmag.com

After 15 years of covering the tabletop industry, Allison Zisko is still as enthusiastic as ever about the dinnerware, glassware and flatware categories. An in-depth analysis of how the category works intrigues her just as much as the latest fashion trends. As managing editor, Allison oversees the daily e-newsletter and works behind the scenes to help produce the print issue each month. She also directs HFN’s housewares coverage and covers the cutlery category. An avid reader, Allison is eager to talk to anyone and everyone about the latest book they are reading.

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