Sears Canada Inc. received court approval to begin liquidating its stores as the insolvent retailer moves to wind up 65 years of business after failing to adapt to changing consumer tastes.
The Toronto-based chains plan to begin selling off its inventory on Oct. 19 was approved by Justice Glenn Hainey in Ontario Superior Court of Justice on Friday. Gordon Brothers Canada ULC, Merchant Retail Solutions ULC, Tiger Capital Group LLC and GA Retail Canada ULC will run the liquidation for most of the stores. The liquidation must be complete by Jan. 21 and about 12,000 employees will lose their jobs.
I am certainly satisfied with the order given that there is approval of the monitor and no other going concern, Hainey said Friday at …
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