Sears Canada to liquidate remaining stores

The move will put roughly 12,000 people out of work

Sears Canada has received court approval to liquidate all its remaining stores, putting 12,000 employees out of a job.

Ontario Superior Court heard Friday that despite weeks of discussion, no viable buyer has been found.

Justice Glenn Hainey approved Sears Canada’s motion to liquidate its remaining 130 stores and said he was satisfied there was no viable alternative.

The embattled retailer sought protection from its creditors in June.

A buyer group led by Sears Canada executive chairman Brandon Stranzl had been in discussions to purchase the retailer and continue to operate it. But a lawyer for Sears Canada told the court that although it had remained optimistic, no executable transaction exists.

Sears Canada closed 20 stores in June.

Just Posted

Lost Victoria: Story of the Crystal Palace

Historian Stuart Stark launches book about iconic Oak Bay structure that was lost to flames

Home of Good Hope feeds Namibia’s young for a full decade

Oak Bay woman continues work expanding soup kitchen in Africa to so much more

#MeToo at work: Employers play a role in fixing culture of harassment

B.C. workplaces are getting ahead of being the next MeToo debacle, calling on experts to train staff

Mount Douglas Park is not a garbage dump, its firs are not your Christmas tree

Furniture and appliances routinely dumped, rare and native plants routinely stolen from park

Development on grounds of former Victoria Truth Centre sent to public hearing

Controversial project moves forward with revisions to previous plans

VIDEO: That’s a wrap: Be a Santa to a Senior packages ready to go out

Program hands out more than 600 gifts to Greater Victoria seniors

B.C. woman brain injured in crash as a baby gets $1.1 million in damages

Trial heard the woman was 16 months old, being carried by her mother when they were both hit

Optimistic Victoria whale watching company invests in new vessel

Banner 2017 tourist season helps Prince of Whales decide to boost service

Victoria cycling advocate makes pitch lor lower speeds on local roads

Group points to evidence suggesting 30 km/h speed limit would save money, lives

Court denies WestJet’s bid to toss out discrimination lawsuit of former worker

Mandalena Lewis is suing WestJet over allegations of gender-based discrimination

Sagmoen neighbours recall alleged hammer attack

Woman was screaming outside Maple Ridge townhouse in 2013

Accused B.C. drug smuggler to be extradited

Supreme Court of Canada upholds extradition order for accused Shuswap drug smuggler, Colin Martin

Island entering the peak of flu season

Island Health says flu shots the best prevention against the virus

One convicted, two cleared in 2014 deaths of men in B.C.’s Cariboo

Andrew Jongbloets convicted of manslaughter in deaths of Matthew Hennigar, 23 and Kalvin Andy, 22

Most Read