Here come the ”Everything Must Go,” ”Going out of Business,” and other such signs.
Struggling retailer Sears Canada has received court permission to begin liquidation sales this Friday at the 59 stores across the country it plans to close.
They can run no later than October 12.
Sears Canada’s been operating under court protection from creditors since late June when it announced its plan to close 20 full Sears stores, 15 Sears Home stores, all 10 outlet stores and 14 Sears Hometown stores and cut about 2,900 jobs.
In another ruling last week, the company was given the green light to start the process of putting itself up for sale.
And as part of a compromise with retired employees that see Sears Canada continue making some benefit and pension payments to retirees until the end of September, an Ontario Superior Court judge gave the retailer the go ahead to pay $9.2-million in retention bonuses to executives and other key employees.
Sears Canada, founded in 1952, says it hopes to exist court protection as quickly as possible this year.