VANCOUVER (NEWS 1130) Sears Canada has been granted permission by the courts to close all its remaining stores.
Creditors [wanted] to push Sears Canada into the liquidation phase because they figure they can maximize what they can get out of the company as people start doing their Christmas shopping, says NEWS 1130 Business Editor Mike Eppel.
The timing is horrible for the 12,00 employees, obviously, because they are going to be out of work in the next 10 to 12 weeks. But from a creditors standpoint, theyre in it for the money at this point and the last ditch efforts to find a buyout to save some of the brands. These are literally the last days of the retailer.
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