Sears Canada closing all stores and going out of business

After more than 65 years in business, one of Canada's most iconic department stores is shutting its doors for good.

Sears Canada announced today that it's applying for court approval to liquidate all of its remaining assets and stores by mid October.

This comes just a week after Sears announced they were closing more of their Toronto stores.

The beleaguered retailer had been seeking a buyer since June, when it filed for creditor protection, but according to the release "no viable transaction for the company to continue as a going concern was received."

A court hearing is scheduled for Friday. If the liquidation is approved, Sears will start a "wind-down" of all business on Oct. 19.