Sears given OK to reach out to potential buyers

Sears Canada has the green light to begin reaching out to potential buyers while it's under creditor protection.

An Ontario Superior Court Justice approved a motion for the sale and investor solicitation process on Wednesday following hours of discussions between lawyers representing the company, its lenders, retirees and laid-off employees.

According to the decision, the retailer and its court-ordered monitor, F-T-I Consulting, can select one or more successful bids by October 25th.

Sears Canada announced in June that it planned to close 59 locations across the country and cut approximately 29-hundred jobs as part of a restructuring under the Companies' Creditors Arrangement Act.

Earlier in the day, Sears Canada struck a deal over benefit and pension payments to retired employees.

The retailer has agreed to continue payments of benefits to retirees until September 30th.