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

Complete list of B.C. Interior wildfire coverage

Up-to-date information on blazes happening the Kamloops Wildfire Centre

Fire in backcountry near Keremeos reaches 400 hectares in size

Two significant fires are burning in the Lower Similkameen, smoke can be seen as far away as Osoyoos

UPDATE: Placer Mountain fire grows to 50 hectares

One fire was extinguished and another reported after lightning came through area

More thunderstorms on the way as fires still burn

Environment Canada is forecasting lightning for the Okanagan and Shuswap

Educational videos for rodeo athletes address concussions, mental health

Ty Pozzobon Foundation, Canadian Pro Sports Medicine Team produce series

Breaking: More evacuation orders for Mount Eneas wildfire, south of Peachland

The BC Wildfire Service is battling a large wildfire alongside Highway 97 in Peachland.

UPDATED: Okanagan Mountain Park fire forces evacuation alert

Properties from 6006 to 8888 Lakeshore Road are being placed on an evacuation alert

Update: Summerland wildfire forces PIB state of emergency

More than 40 firefighters are on scene of the wildfire near Mount Conkle, just outside of Summerland.

Cluster of fires fans smoke over West Kelowna

A cluster of three fires are burning above West Kelowna

Hockey trip fraudster receives house arrest

Man duped 16 families with Okanagan Elite Hockey Association out of over $100,000

‘Amazing Race Canada’ competitors face B.C. challenge

They drove Corvettes, mastered falconry basics, and ate blueberry pie in the Cowichan Valley

Grizzly bear jumps in river, chases B.C. kayaker

The bear got a bit too close for comfort along the Elaho River near Squamish

UPDATED: Highway 97 closed again due to wildfire

Motorists may use an alternate route via Highway 97C, Highway 5A and Highway 3

Parks Canada looks to shine light on cloudy future for historic sites

A plan is in place to produce 10-year plans designed to turn around sagging attendance figures

Most Read