WATCH: Sears Canada going out of business
Sears Canada Inc. is applying for court approval to liquidate all of its remaining stores and assets after failing to find a buyer that would allow it to continue as a going concern.
In other words, it's going out of business.
The retailer has been operating under the Companies' Creditors Arrangement Act since June.
The court overseeing Sears Canada's operations is expected to hear a motion Friday seeking approval for the liquidation and wind down of the business.
The company wants to start the liquidation sales no later than Oct. 19 and expects them to continue for 10 to 14 weeks.
Sears Canada says it regrets the pending outcome and the resulting loss of jobs and store closures.
About 12,000 jobs will be lost in all at its remaining 130 stores.
Sears Canada at Fairview closes Dec. 15th. Staff notified about an hour ago. One woman just celebrated 30yrs here. No word on their pensions pic.twitter.com/AhfROtGrxB— shawndearn (@shawndearn) October 10, 2017