Beleaguered retailer Sears Canada (TSX:SCC) has received approval from the Ontario Supreme Court of Justice to begin liquidation sales at a number of its stores as early as this Friday (July 21).
Store liquidation can continue until no later than October 12.
The sales are permitted at all 59 of its locations that are slated for closure, as announced June 22 when the chain said it was seeking creditor protection.
The company said June 22 it is closing 20 full-line stores, 15 Sears Home locations, 10 Sears Outlets and 14 Sears Hometown stores. The stores being affected in British Columbia are the Kamloops Aberdeen Mall full-line store, Abbotsford’s Sears Outlet and Hometown locations in Creston, Grand Forks and Sechelt.
Sears has said it will go ahead with previously announced plans to convert some of its stores to a “Sears 2.0” concept. Four locations were converted last year and 10 more are planned by the end of 2017. These stores will have different layouts and inventory compared with the retailer’s traditional locations.
- With files from Hayley Woodin
@EmmaHampelBIV
