Sears Canada seeks court approval for liquidation

The writing was on the wall and now the announcement comes from Sears Canada that it is seeking court approval to liquidate all of its remaining stores and assets.

If approved, the company says liquidation sales at retail locations would start no earlier than October 19 and continue for 10 to 14 weeks.

Sears says, "it deeply regrets this pending outcome and the resulting loss of jobs and store closures." The retailer currently employs more than 11,000 people.

The cash-strapped retailer had filed for creditor protection in June and announced it was closing 58 stores and laying off about 3,000 people.

Since then, the executive chairman had put forward a bid to buy the company, and Sears Canada was able to extend creditor protection until next month.

The retailers say, though, "following exhaustive efforts, no viable transaction for the Company to continue as a going concern was received."