Sears liquidation to begin Thursday
TORONTO – Liquidation sales at the remaining Sears stores across Canada, including in Lethbridge, will begin Thursday, Oct. 19.
Sears Canada Inc. was granted court permission Friday, Oct. 13 to begin winding down operations. Liquidation will include inventory as well as furniture, fixtures, and equipment, according to a news release. The group of partners that will conduct the liquidation has already done so with stores previously closed by Sears, as well as other liquidations such as Target Canada.
“Over the past 18 months, Sears Canada had embarked on a reinvention plan that had begun to gain traction with customers,” the company said. “Unfortunately, despite the outstanding efforts of dedicated associates across the Company, Sears Canada does not have the financial resources to provide it with the time necessary to complete its reinvention.”
Sears had been unable to reach a purchase agreement with a group led by executive chairman Brandon Stranzl. Stranzl has now resigned from the board of directors.
