It's Official, Sears Canada Is Going Out Of Business

Sears Canada is applying to liquidate all remaining stores

Sears Could Close All Stores For Good

The company last week won court approval to close 11 stores and sell some businesses, and to extend creditor protection to November 7.

Sears Canada is seeking court approval to go out-of-business after struggling to find a buyer since June 22nd.

The embattled retailer has been operating under the Companies' Creditors Arrangement Act since June.

The liquidation will affect 12,000 jobs, including the company's Toronto head office and 11 stores that the company announced it would shut last week, a spokesperson for Sears Canada told Global News via email. The change now means the St.

The company said it will inform individual employees of their status in the coming days, but expects the liquidation to be wrapped up by early next year.

"The company deeply regrets this pending outcome and the resulting loss of jobs and store closures", Sears said in a statement.

On Tuesday, the retailer said in a statement that "following exhaustive efforts, no viable transaction" was made.

Sears last week received a revised bid from a group led by its executive chairman Brandon Stranzl to buy the business.

But its lenders required it to enter into liquidation agreements for the rest of its assets by October 7, agreeing with FTI Consulting that they would recover more through liquidation than a deal to keep it operating. Its sales have fallen every quarter since it was spun off from Sears Holdings in 2012.

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