Sears Canada to liquidate remaining stores

The move will put roughly 12,000 people out of work

Sears Canada has received court approval to liquidate all its remaining stores, putting 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 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 that although it had remained optimistic, no executable transaction exists.

Sears Canada closed 20 stores in June.

Just Posted

Bears will be flying as Giants get set for Teddy Bear Toss

Stuffed animals will be collected at Langley Events Centre, distributed through Lower Mainland Christmas Bureau

Man accused of shooting at border agents loses final bid to appeal extradition order

Nathan Hall was arrested in Abbotsford following cross-border manhunt in 2013

Life advice from Cloverdale’s Elfreda Anderson, a 103-year-old world traveller

‘You name it, I’ve been there’ : Elfreda on life, love and always having a suitcase on hand

DW Poppy students spreading Yuletide joy

High school supporting seven families this Christmas

VIDEO: Average Canadian food bill to rise by $348 in 2018

Atlantic Canada and B.C. will see the most increases for consumers

Province rejects Ajax mine in Kamloops

KGHM Ajax had proposed a 1,700-hectare open-pit copper and gold mine, just southwest of Kamloops

Border officers rally at B.C.’s Peace Arch

CBSA employees tire of ‘lack of respect’

FCC votes along party lines to end ‘net neutrality’

Move rolls back restrictions that keep big providers from blocking services they don’t like

Families enjoy an Aldergrove Christmas

Santa and Mrs Claus along with Moana and other special guests made it a special day

TransLink to look into late-night SkyTrains on weekends

Review follows demand from public, mayors and police to extend services in Metro Vancouver

Police release sketch of man who propositioned girl, 12, for sex at East Vancouver park

It happened on Nov.29 near Princess Avenue and East Pender Street

Family of Vancouver Island RCMP officer killed by drunk driver sues

Lawsuit seeks financial compensation from Kenneth Jacob Fenton

SPCA seizes 74 animals from Barriere property

Constables removed sheep, piglets, chickens and more

Most Read