Sears Canada to close all stores

FILE

Sears Canada Inc. announced it will close all stores.

The company announced that it will be applying to the Ontario Superior Court of Justice for approval to liquidate all of its remaining stores and assets. The court is expected to hear the motion later this week. Pending approval of the court, liquidation sales at retail locations would start no earlier than Oct. 19 and continue for 10 to 14 weeks.

About 12,000 Sears workers will lose their jobs over the coming months.

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Sears Canada Inc. is an independent Canadian digital and store-based retailer whose head office is based in Toronto. The Company operates as a separate entity from its U.S.- based co-founder, now known as Sears Holdings Corp. based in Illinois.

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