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Principale » Ontario judge approves Sears Canada liquidation

Ontario judge approves Sears Canada liquidation

13 Octobre 2017

13, 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 company said in a statement that it would make the application to the Ontario Superior Court on Friday.

In late June, the company was granted an Initial Order and protection under the Companies' Creditors Arrangement Act (CCAA).

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Liquidation sales are scheduled to begin October 19 and finish no later than January 21.

Later on, it had received approval from the court for the sale and investment solicitation process (SISP) to seek proposals for acquisition or investment in the Group's business, assets and leases and to implement one or more of the proposals.

This morning, an Ontario court judge gave the department store chain permission to close its 131 locations across the nation, which includes the Pine Centre Mall Sears in Prince George. British Columbia could lose 1200 jobs.

Ontario judge approves Sears Canada liquidation