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Sears Canada receives court approval to liquidate stores

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Sears Canada receives court approval to liquidate stores

Sears Canada Inc. has received approval from the Ontario Superior Court of Justice to liquidate its remaining stores, which must be completed by Jan. 21, according to documents filed with the court Oct. 13.

The department store chain will begin its liquidation Oct. 19. Gordon Brothers Canada ULC, Merchant Retail Solutions ULC, Tiger Capital Group LLC and GA Retail Canada ULC will operate the liquidation at most of Sears Canada's stores.

Sears Canada's liquidation follows the company's failed attempt to put together a bid from outside investors to keep the company afloat. On Oct. 10, the department store chain said it was unable to assemble an offer. The company was also granted an extension of creditor protection until Jan. 22 so it could complete its liquidation sales.