Ontario court approves Sears Canada move to liquidate

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Sears Canada has been given respect to begin the liquidation sales Friday at the 59 locations it plans to go out of business.

Ontario Superior Court Judge Barbara Conway approved the motion Tuesday.

Earlier in the day, Sears Kings counsel Jeremy Dacks said the company wanted to start sales of its deal in, furniture, fixtures and equipment as soon as possible so it can «maximize» benefits for its stakeholders.

The liquidation transactions will only occur at the 59 stores that are set for closure. They disposition begin Friday and run until Oct. 12, with the majority to be overseen by a third-party liquidator.

Widely known employees in the stores pegged for liquidation will be asked to stay on the job until the sellathons are complete and the locations are shut down.

The beleaguered department store P has been operating under court protection from creditors since June 22 when it asserted its plan to shutter 59 stores and cut approximately 2,900 jobs.

Sears pop-up shop toronto

A mouthpiece for Sears Canada said the company wanted to start sales of its market, furniture, fixtures and equipment as soon as possible so it can «maximize» benefits for its stakeholders. (CBC)

Wear week, Ontario Superior Court Judge Glenn Hainey gave the entourage the green light to begin the process of putting itself up for sale. He also gave the retailer accept to pay $9.2 million in retention bonuses to executives and other key employees.

The payout was segment of a compromise with retired employees that will see Sears Canada proceed making some benefit and pension payments to retirees until Sept. 30.

Set in 1952, Sears Canada says it hopes to exit court immunity as soon as possible this year.

The chain plans to shut  20 totally Sears stores, 15 Sears Home Stores, all 10 retailer stores and 14 Sears Hometown stores — roughly one-third of its in circulation retail footprint.

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