Consequently, over 12,000 employees will soon be without a job.
Ontario Superior Court received convincing arguments put forward by the parties involved and concluded that there was no viable path ahead as no buyer could be found.
Justice Glenn Hainey approved Sears Canada’s motion to liquidate its remaining 130 stores and said he was satisfied there was no viable alternative.
The embattled retailer sought protection from its creditors in June.
A buyer-group led by Sears Canada executive chairman Brandon Stranzl had been in discussions to purchase the retailer and continue to operate it. But a lawyer for Sears Canada told the court that although it had remained optimistic, no executable transaction exists.
Pollyanna Davy, Readers Bureau, Fellow
Edited by Jesus Chan
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