Sears Canada plans to cease operations

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Sears Canada moved a step nearer to permanent closure after several attempts to find a buyer failed, with the retailer saying it will seek court approval on Friday to shutter its remaining 130 stores, leaving 12,000 employees without jobs.

Therefore, "Sears Canada, with the recommendation of its advisors and approval of the (court-appointed) 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 Toronto-based company said.

The company on September 30 announced plans to close an additional 10 full department stores and a Sears Home store.

The retailer now has approximately 12,000 employees, three-quarters of which are part-time, Shaffer added.

"The people who have worked for us have been fantastic", said Vincent Power, spokesperson for Sears Canada, in a phone interview with CBC P.E.I.

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The company said it will inform individual employees of their status in the coming days, but expects the liquidation to be wrapped up by early next year.

Napper said Sears occupies about 160,000 square feet in Midtown Plaza, representing between 15 and 18 per cent of the mall's total space.

The embattled retailer has been operating under the Companies' Creditors Arrangement Act since June.

But its lenders required it to enter into liquidation agreements for the rest of its assets by October 7, agreeing with FTI Consulting that they would recover more through liquidation than a deal to keep it operating.

Since its bankruptcy filing, the retailer had been splashed across the headlines, as Canadian news outlets chronicled the ill will it had garnered stemming from its treatment of former employees. Simpsons-Sears changed its name to Sears Canada in 1984. "This is an extremely sad day for all of us and certainly not the outcome we wanted".

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