'Business as usual:' Mall manager reacts to Sears Canada news

Sears Canada said if it gets court’s approval it is expected liquidation sales at retail locations would start no earlier than Oct. 19

Sears Canada said if it gets court’s approval it is expected liquidation sales at retail locations would start no earlier than Oct. 19

Sears Canada - which has already closed 59 stores and announced the closure of another 11 - will now be seeking court approval on Friday to liquidate all its remaining assets, the company said.

As it is, Sears Canada expects to take its motion to liquidate before the court on October 13.

Last week, Sears received a revised bid from a buyer group led by its executive chairman Brandon Stranzl to buy the business and keep it operating. Last month, Sears Canada announced it would close an additional 10 stores.

Sears Canada received and implemented going concern transactions for various lines of business, but following exhaustive efforts, no viable transaction for the Company to continue as a going concern was received. Of the roughly 800 employees in Sears Canada's head office, the vast majority will leave next week, he said.

The Ontario Superior Court of Justice is expected to hear the motion to liquidate on Friday, the company said, and it expects liquidation sales to begin on about October 19 and continue for 10 to 14 weeks.

However, Susan Ursel, a lawyer representing current and former Sears Canada employees, says a liquidation would be "extremely detrimental".

"We have not been contacted by Sears or their representatives regarding their plan".

The only takeover bid that offered some hope of keeping Sears Canada afloat failed, with creditors arguing liquidation would yield a better payout than to keep the company solvent. Simpsons-Sears changed its name to Sears Canada in 1984.

Like other major department stores, Sears Canada was the victim of changing consumer habits as well as increased competition from online merchants and United States discount retailers entering the Canadian market.

"It's a sad day for us in retail, in many ways", he said.

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