The Sears Canada roller-coaster ride may be nearing its end, as the company announced earlier today that it will be applying for court approval to liquidate all of its remaining stores and assets.
"Sears Canada, with the recommendation of its advisers and approval of the Monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval," the company said in a press release. "The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures."
Sears entered creditor protection on June 22 in an effort to restructure and turn around years of plummeting profits. Shortly after the company was granted creditor protection, they announced closure of 59 stores nation-wide, along with 2,900 job cuts. As recently as last week, the company added another 11 stores and 1,200 jobs to the chopping block.
The Ontario Superior Court of Justice is expected to hear Sears Canada's motion as early as October 13. Once approval is granted, the company expects to begin liquidation sales at all remaining Sears locations no earlier than October 19, with sales lasting between 10 and 14 weeks.