Sears to begin liquidation

Photo: The Canadian Press

Liquidation sales at dozens of Sears Canada locations slated for closure could begin as early as this week after an Ontario court signed off on the plan Tuesday.

The sales can start Friday and run no later than Oct. 12 with the deep discounts happening only at the 59 department and Sears Home stores that have been slated for closure.

Sears lawyer Jeremy Dacks told the hearing to approve plan that it was "crucial" the retailer be permitted to begin sales of its merchandise, furniture, fixtures and equipment as soon as possible so it could "maximize" benefits for its stakeholders.

"It gives us certainty of recovery," Dacks said in court.

The nearly 300-page motion was unopposed by the litany of lawyers involved in the proceedings, including those representing the company, the landlords, the monitor and current and ex-employees.

The majority of the sales will be overseen by a third-party liquidator with current employees being asked to stay on the job until the sales are complete and the locations are shut down.

Sears Canada has been operating under court protection from creditors since June 22 when it announced its plan to shutter 59 stores and cut approximately 2,900 jobs.