TORONTO — Sears Canada is throwing in the towel. The retailer is applying for court approval to liquidate all of its remaining stores and assets. It is expected the court will hear the motion on October 13. Pending approval, Sears Canada expects to begin liquidation sales starting October 19. The sales will continue for 10 to 14 weeks. About 12,000 employees will lose their jobs over that time, including about 800 at head office over the next week or so.
After failing to cobble together comprehensive deal for the entire business, it made the move, based on the recommendation of advisors and the bankruptcy monitor, FTI Consulting, Inc., to wind down the company once and for all.