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Sears Canada Seeks Court Approval to Liquidate All Remaining Stores

Sears Canada Seeks Court Approval to Liquidate All Remaining Stores

By Ambia Staley

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.

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    • some of those locations are horribly wrong lol (the province)
      Yeah, I was beginning to wonder if the province was listed wrong or if there really is an Oshawa NB etc... ๐Ÿ˜„
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    • Store fixtures anyone? Some Sears stores still selling until Jan. 26th...

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      some of those locations are horribly wrong lol (the province)

      anyways, i picked up a couple things. my local sears cleared it all out for a buck each. it was a nut house in there. grabbed some heavy duty tables and such. amazing deals on high quality stuff
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    • I thought Hilco worked something out with the suppliers (that had inventory already in Sears) so that instead of getting nothing, they would get a bit more than just pennies, which, indeed may as well be nothing.
      Maybe... but after the fiasco of Target's liquidation, if you were a supplier, would you trust them?
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    • That's stock is probably from one of Sears former suppliers which supplied Sears branded product. They were lucky that the stuff didn't make it to Sears or they would have gotten nothing for it.
      I thought Hilco worked something out with the suppliers (that had inventory already in Sears) so that instead of getting nothing, they would get a bit more than just pennies, which, indeed may as well be nothing.
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    • BOBBY'S OUTLET: https://bobbysliquidation.com/ is where a lot of the Sears inventory that was intended to go to a Sears store can be found. Leftover unsold Sears inventory is expected to be dumped off there also...
      That's stock is probably from one of Sears former suppliers which supplied Sears branded product. They were lucky that the stuff didn't make it to Sears or they would have gotten nothing for it.
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    • Any word of discount stores buying up warehouse stock? When Target went under a lot of Target products started turning up at Dollarama and other stores. Anything to suggest anything similar with leftover Sears stock?
      BOBBY'S OUTLET: https://bobbysliquidation.com/ is where a lot of the Sears inventory that was intended to go to a Sears store can be found. Leftover unsold Sears inventory is expected to be dumped off there also...
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    • Any word of discount stores buying up warehouse stock? When Target went under a lot of Target products started turning up at Dollarama and other stores. Anything to suggest anything similar with leftover Sears stock?
      I would doubt that they would have much warehouse stock left. The Sears sale went pretty fast so I would have guessed that they moved all of the stock from their warehouses long ago and shut them down first.
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    • Any word of discount stores buying up warehouse stock? When Target went under a lot of Target products started turning up at Dollarama and other stores. Anything to suggest anything similar with leftover Sears stock?
    • Report Post
    • Store fixtures anyone? Some Sears stores still selling until Jan. 26th...

      Image
      Image
    • Report Post
    • If they had invested that money which came from the sale of the best stores in 2013 they might have turned it around. The American owner stripped it down and sold it instead of trying to make it profitable. He even cancelled a deal with Amazon. He is doing the exact same thing in the states, Funny how Trump picks on other countries but its OK for one of his buddies to get rid of American jobs.
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    • Sears Canada

      Hopefully they get some money from the person who drove it into the ground. 600 million might have saved the company.
      600 million would have kept Sears going a little longer but it was going to bankrupt sooner or later. Sears Canada had a operating loss of $422 million for 2016. 2015 was a operating loss of $298 million. The business model wasn't working and many of it's customers had already abandoned the company. They would have needed to gain a lot of new customers to bring it back to being profitable but how likely is it that they would have achieved that? Most people chose not to shop at Sears, it wasn't like they didn't know who Sears was.
      There's a bit of misunderstanding here... the $600 Million was the total of two payments made back in 2012/13 which given the time frame involved may have been enough to put together a turn around play. You have to remember that the losses of $422 million and $298 million was a direct result of not having the funds and the resources to act earlier (ie in this case years earlier). I'm not saying that the outcomes would have been drastically different... what I'm saying is that there would have been a possibility of a drastically different outcome. Without that money, there was no chance of a different outcome.
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    • Um yeah, I think that's what they're saying about the American Sears/Kmart now. It's alive for a little longer, but how much longer?
      For as long as it takes Eddie Lambert to squeeze the last bit of money out of the once popular company....
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    • 600 million would have kept Sears going a little longer but it was going to bankrupt sooner or later.
      Um yeah, I think that's what they're saying about the American Sears/Kmart now. It's alive for a little longer, but how much longer?
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    • Sears Canada

      Hopefully they get some money from the person who drove it into the ground. 600 million might have saved the company.
      600 million would have kept Sears going a little longer but it was going to bankrupt sooner or later. Sears Canada had a operating loss of $422 million for 2016. 2015 was a operating loss of $298 million. The business model wasn't working and many of it's customers had already abandoned the company. They would have needed to gain a lot of new customers to bring it back to being profitable but how likely is it that they would have achieved that? Most people chose not to shop at Sears, it wasn't like they didn't know who Sears was.
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    • Sears Canada

      Hopefully they get some money from the person who drove it into the ground. 600 million might have saved the company.
    • Report Post
    • Saying goodbye to Sears: Is a tarnished legacy left behind?
      Retail Advisors Network co-founder Bruce Winder says retail is not dead, it's just changing and becoming more experiential with online.

      https://youtu.be/LxyJHlzkKLk
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    • You would need to see with the manufacturer of your product
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    • Anyone able to get money back from the extended warranty which I assume sears no longer honors
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    • I hope I can score good deal on the stuff
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    • I got a replacement blade for my Craftsman lawn mower. It was about $7, they are $20 to $25 regular marked price and at Cdn Tire. Atlas brand 21" mulching blade, fits many brands of mowers.

      That will be my last Sears purchase. But I still wear sweaters and Rockport shoes I got there years ago and regularly use my Craftsman table saw and socket wrenches. End of an era.

      The local mall will have an empty Target on one end and an empty Sears on the other end, but the smaller stores in the middle are still doing OK, the most successful is London Drugs.
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    • Thank you very much
      No Problem! Also, $2 underwear if you snatch it up with no packaging. (look for a table bin with a bunch of underwear thrown there)
      I was lucky enough to find Jockey underwear in my size.
      Know your size though. All sales final, and no trying on underwear. lol
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    • Thank you very much
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    • What's the sale price now ?
      60-80% off. Sears Scarborough is also gone in 7 or 8 days. All Sears will be gone by January 7th. (excluding locations remaining open an extra day or two to sell store fixtures)

      As I mentioned in another thread: Clothing tip: If you can find a red sticker GRAB IT!! It's clothing that Sears previously reduced before the Hilco liquidation.
      Extra 60% off the already reduced red sticker price. (ie a $50 sweater reduced to $34.99 is now $14!!)
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    • What's the sale price now ?
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    • SEARS POLO PARK in Winnipeg is set to close in 8 (eight) days.
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    • Do you know if there any irobot or anything like that ?
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    • Does someone know when the st-Bruno location ,Qc close or if it still open ?
      ๐Ÿ˜Š
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    • The discount pattern seems to be deeper discounts every Thursday.
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    • Which Sears store in the GTA has the most mens clothing remaining or recieves the most as stores close down?
      Pickering Town Centre is quite well stocked with everything, there are no roped-off areas or empty displays yet. Lots of men's clothing (still 20-30% off the artificially high MSRP's), and a LOT of luggage (60% off the ridiculously high MSRP's - you can't touch a small rolling case for under $120). It probably receives unsold stock from stores that closed early -- the amount of luggage (the field of which spreads out into where cosmetics used to be!) suggests that.
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    • Anyone spotted any LEGO?
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    • Good and If you have time to check the deal % it would be appreciated.
      Thanks
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    • Do you know the brand because petro diesnn't mean nothing for me ?
      Thanks
      Just got your message. Was at Fairview Mall about 2hrs before closing. I did check the snowblowers as I remembered your request for an electric snowblower but of all the snowblowers I gave a quick glance at, as far as I know they are all petro fueled.

      Sorry I didn't take note of the brands as I was with my dad who was grumpy as he was getting hungry. If I go again I will snap a photo for you if I remember.

      Off the top of my head there were about 6-8 snowblowers left. Approx 24-36" openings.
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    • Do you know the brand because petro diesnn't mean nothing for me ?
      Thanks
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    • Thanks
      Do you know what was the % of deal ?
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    • Does anybody saw an electric lawn mower and an a electric snowblower at any sears ?
      I took a guess
      Thanks
      Think I saw an electric snowblower at Fairview Mall last week. I do know there are like 6 petro powered large snowblowers there.
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    • Which Sears store in the GTA has the most mens clothing remaining or recieves the most as stores close down?

      I'm going more for nostalgia as I like the R&R and Nevada zip off 6 pocket classic cargo pants. Looking for some more and the only reason I am going. Price isn't really concern for me unless they want $60/pair. I remember them being approx $20/pair.

      Looking for 34/32. Anyone seen any? Many thanks in advance.
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    • Does anybody saw an electric lawn mower and an a electric snowblower at any sears ?
      I took a guess
      Thanks
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    • Are they still selling batteries?
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