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

U-Save property owner files six lawsuits against District of Hope

One of the lawsuits demands $6,200 to undo the work done on the roundhouse.

Rainfall warning issued across Lower Mainland into the weekend

50 to 70 mm of rain expected to fall starting overnight Friday and into Sunday morning

Husband pleads guilty in relation to 2009 killing of Kulwinder Gill

Abbotsford woman died in hit-and-run conspiracy

Raymond Lee Caissie gets life in prison for murdering Surrey teen in 2014

Judge numbers Caissie among ‘violent merciless men without a conscience’

Area A, B lose power, wireless service due to winds

BC Hydro and TELUS are working to restore service.

VIDEO: ‘Lyle the singing pig’ searching for home

SPCA say the pig is ‘not opera-ready’

Man in custody linked police search near Salmon Arm

Police have not connected arrest to search at Salmon River Road property

B.C. search groups mobilize for missing mushroom picker

Searchers from across the province look for Frances Brown who has been missing since Oct. 14.

Search for missing B.C. man a race against winter weather

David Jeff of Williams Lake was last seen in Kamloops during the chaotic wildfire evacuations

Man steals police car, goes for a ‘slow’ ride

Mission RCMP say the motive of the theft is unknown

Dodgers punch ticket to World Series

This will be the first time the Los Angles Dodgers have made it to the World Series since 1988.

Surf group winning the war on plastic bags

The Tofino Co-op will no longer provide plastic bags, following in the footsteps of the Ucluelet location that already made the change earlier this year.

All three victims identified in Fernie arena ammonia leak

Wayne Hornquist and Lloyd Smith were from Fernie and Jason Podloski from Turner Valley, Alta

5 to start your day

Sentencing in murder of Surrey teen expected, Maple Ridge mayor to step away from politics and more

Most Read