sears canada closing

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.

Lead photo by

MrDanMofo


Join the conversation Load comments

Latest in Fashion & Style

Toronto jewellery store that's been a neighbourhood fixture since 1961 is closing

Popular Montreal fashion boutique permanently closes Toronto store

Toronto bar owner will cut off her hair on livestream to raise money for salon

A Toronto condo is telling people to stop getting haircuts in the stairwell

Malls and non-essential retail stores across Ontario are closing once again

Anti-masker threatens staff at Toronto store after refusing safety protocols

Doug Ford gets mad about people going to malls after allowing malls to stay open

People on TikTok are loving this Toronto woman's all-pink vintage furniture store