SEARS REACHING OUT TO POTENTIAL BUYERS

Jul 14, 2017

By Christine Ross

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Sears Canada has the green light to begin reaching out to potential buyers while it’s under creditor protection. An Ontario Superior Court Justice approved a motion for the sale Thursday after hours of discussions between company lawyers, its lenders, retirees and laid-off employees. According to the decision, the retailer can choose one or more successful bids by October 25. Sears Canada announced in June that it planned to close 59 locations across the country and cut 29-hundred jobs as part of a restructuring. Earlier in the day Thursday, Sears struck a deal over benefit and pension payments to retired employees. Peter Myers, brother of Canadian comedian Mike Myers, was among those let go. He worked at Sears for almost 36 years. Three years ago when rumours surfaced about possible Sears closing, Peter enlisted the help of his famous brother to star in a commercial for the retailer to dispel the rumours. Earlier in the day, Sears Canada struck a deal over benefit and pension payments to retired employees until September 30. But the Zoomer advocacy group CARP has concerns and what happens once beyond that date. CARP is calling for legislative changes to better protect employees.

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