Sears stores in Toronto to host huge liquidation sale

An Ontario Superior Court judge has granted Sears Canada permission to liquidate all of its remaining assets, resulting in the loss of about 12,000 jobs across the country according to The Canadian Press.

The iconic Canadian retailer rocked the news cycle earlier this week by announcing it would soon shut down for good after more than 65 years in business.

Today's court hearing was held simply to determine whether or not the company would be allowed to liquidate all 130 of its existing stores.

With court approval, Sears can now move forward with its liquidation, beginning Oct. 19 as planned.

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

A lawyer for the company confirmed in court on Friday that, while Sears had remained optimistic, nothing had changed in terms of finding an appropriate buyer.