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

Crown appeals stay against Jamie Bacon in Surrey Six killings

B.C.’s prosecution service says judge’s decision reveals ‘errors of law’

Surrey athlete sought to enjoy ‘life to the fullest to see what the world has in store for me’

Basketball player Raphael Alcoreza, who died last week, wanted to become a firefighter

Surrey RCMP search for man who allegedly robbed Cloverdale store at knifepoint

Surrey RCMP release photos taken from surveillance video in November robbery.

PHOTOS: Rogers Hometown Hockey in Surrey highlights local success stories

From the HNIC Punjabi team to cancer survivor Owen Hopkins, stories of strength were on display

Power returns to most of 3,622 in South Surrey, White Rock

Power outage spread across Ocean Park and beyond

VIDEO: New series takes in-depth look at sexual harassment in B.C.

Black Press takes a hard look at sexual harassment in B.C.

2017 word of the year: Feminism

Merriam-Webster’s word of the year for 2017: ‘Feminism’

200 Russians to compete in Olympics as neutrals

The Russian Olympic Committee expects 200 to compete in South Korea

5 to start your day

Gordie Hogg takes South Surrey White Rock, Crown appeals stay against Jamie Bacon in Surrey Six killings and more

Researchers claim the ‘man flu’ does exist

Review of scientific studies suggests ‘man flu’ may be more intense: researcher

Trudeau appoints Supreme Court chief justice

Prime Minister Trudeau appoints Richard Wagner as Supreme Court chief justice

Liberal Hogg wins South Surrey-White Rock byelection over Conservative Findlay

B.C. riding to be represented by non-conservative for first time in decades

Six-year-old boy needs $19,000 a month to treat rare form of arthritis

Mother of sick Sooke boy asks government to help fund treatments

Environmental groups slam NDP decision to continue with Site C

Construction industry, meanwhile, is cautiously optimistic about how the project will look

Most Read