Sears Canada has dropped a bombshell. On Friday they will seek approval to begin liquidating ALL of their stores. It came out back in June Sears would be closing 59 stores, not all. Since then they’ve been taking offers, trying to negotiate an offer with a buyer group who would continue the business. Now it turns out that either negotiations have broken down or Sears Canada just plain ran out of time, because they have announced a plan to close ALL of their stores and would like to start liquidating as soon as possible.
Sears is seeking court approval on Friday, the liquidation could begin as soon as October 19th.