Sears Canada Inc. will seek court approval to liquidate its remaining stores on Friday with the loss of about 12,000 jobs after it failed to receive a viable bid for the company.
The Toronto-based retailer expects to begin liquidation sales on Oct. 19 at the earliest, according to a statement Tuesday. Sears Canada said it received bids for various lines of business, but nothing viable was received for the company to continue as a going concern.
The company deeply regrets this pending outcome and the resulting loss of jobs and store closures, according to the statement. Executive chairman Brandon Stranzl, backed by Blackstone Group LP, had launched a bid to buy the companys assets and keep the company running. Stranzl declined…
Read the full article at: https://www.bloomberg.com/news/articles/2017-10-10/sears-canada-to-file-for-liquidation-after-getting-no-viable-bid