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11 October 2017, 12:28 | Jan Cross
Sears Could Close All Stores For Good
Sears in Charlottetown will likely close by mid-December or early January if Sears Canada gets court approval to liquidate all its remaining stores and assets.
Weighed down by over C$1.1 billion ($879 million) in liabilities, nearly matching its assets, and falling sales every quarter since it was spun off from Sears Holdings in 2012, Sears Canada filed for creditor protection in June.
Sears last week received a revised bid from a group led by its executive chairman Brandon Stranzl to buy the business.
The company said in a statement that it would make the application to the Ontario Superior Court on Friday.
Company officials had hoped to find a buyer that would take over the remaining stores, but the search was unsuccessful.
The retailer has approximately 12,000 employees, three-quarters of whom are part-time, Shaffer added.
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Employees will not be compensated, Power said, as it is not allowed through the Company Creditors Arrangement Act.
Napper said Sears occupies about 160,000 square feet in Midtown Plaza, representing between 15 and 18 per cent of the mall's total space.
"Pending approval of the Court, it is expected that liquidation sales at retail locations would commence no earlier than October 19 and continue for 10 to 14 weeks", the company says in a statement.
Litigators for a group of lenders who have provided debtor-in-possession financing to Sears Canada to keep it afloat pushed for a liquidation agreement to be entered into by October 7 at the latest.
Sears Canada has faced a "slow and steady demise over the last 20 years", said retail analyst Bruce Winder, the co-founder and partner of Retail Advisors Network. "This is an extremely sad day for all of us and certainly not the outcome we wanted".
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