Sears Canada was granted an Initial Order and protection under the Companies’ Creditors Arrangement Act (“CCAA”) on June 22, 2017. It subsequently received the Court’s approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group’s business, assets and/or leases, and to implement one or a combination of proposals.
Sears Canada received and implemented going concern transactions for various lines of business, but following exhaustive efforts, no viable transaction for the Company to continue as a going concern was received. Accordingly, Sears Canada, with the recommendation of its advisors …
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