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

Castlegar Rebels on eight-game winning streak after defeating Spokane Braves

The Castlegar Rebels defeated the Spokane Braves 6-3 on Saturday night.

Flight scheduled to open Trail’s airport terminal diverted to Castlegar

Weather conditions move flight scheduled for opening of Trail Regional Airport terminal to Castlegar

Castlegar Rebels take flight in win over Grand Forks

Team speed was too much for the visiting Grand Forks Border Bruins to handle.

City of Castlegar adjusts water and sewer rate proposal

Changes were made in response to concerns raised during public feedback period.

BCHL team commits to Castlegar Rebels’ forward

The Langley Rivermen have committed to Castlegar Rebels’ forward Brandon Cost for the 2018-19 season.

VIDEO: Best photos of the Supermoon 2017

At its closest, the Frost Moon was about 363,300 km away from the Earth

CPR Holiday Train rolls into Castlegar Tuesday

The CPR Holiday Train has been making tracks across Canada and is its way to arrive in Castlegar.

Emergency response ‘well executed’ in Delta carbon monoxide poisoning

Emergency Health Services talks about how first responders dealt with this ‘mass casualty event’

WestJet Christmas video turns children’s wishes into reality

This year’s annual video took a new spin on the 12 days of Christmas

Firefighters protect seaside California towns as blaze rages

A flare-up on the western edge of Southern California’s largest and most destructive wildfire sent residents fleeing Sunday

Putin declares victory on visit to air base in Syria

Declaring a victory in Syria, Putin on Monday visited a Russian military air base in the country and announced a partial pullout of Russian forces from the Mideast nation.

Pipe bomb explodes in NYC subway

Pipe bomb strapped to man explodes in NYC subway, injuring 4

Toronto FC to hold victory parade following MLS Cup championship

Toronto FC to hold downtown victory parade following MLS Cup championship

Canada’s only commercial spaceport hopes to launch 12 rockets per year

Nova Scotia’s rocket launch site hopes to eventually host 12 launches per year

Most Read