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Sears Canada announced on Friday that a series of stores are scheduled to close, assuming approval is granted by the Ontario Superior Court of Justice.
On Friday, September 29th, Sears Canada Inc. announced it filed motion materials regarding several orders it will seek from the court on October 4th.
Orders include, approval of transactions regarding 11 of the leased retail store locations, one leased fulfillment centre, one of its owned properties, and two going-concern transactions for certain business parts of the Company.
Sears hopes to stay open until November 7th, 2017.
Of the 11 stores expected to close, two are located in Kelowna, including Sears Home store and the main Sears store - both located at the Orchard Park Shopping Mall.
During the stay period, Sears Canada will continue to operate its retail stores and website at sears.ca, and will even feature new fall and holiday apparel, accessories and home fashions until further notice.
Details of the liquidation sales are not yet finalized, but it is likely that the liquidation sales will occur over the coming months.
The retail locations listed below currently employ approximately 1,200 employees.
| Sears Full-Line | Sears Home |
| Nanaimo North Town Centre, BC | Kelowna, BC |
| Brentwood Town Centre, Burnaby, BC | |
| Kelowna, BC | |
| Polo Park, Winnipeg, MB | |
| Lime Ridge Mall, Hamilton, ON | |
| Oakville Place, Oakville ON | |
| Fairview Mall, North York, ON | |
| Scarborough Town Centre, ON | |
| Fairview Pointe-Claire, QC | |
| Avalon Mall, St. John's, NL |
On July 28th, 2017, Sears Canada Inc. shares were removed from the Toronto Stock Venture Exchange (TSX)
In 2013, Sears Canada Inc. shares on the TSX were trading at a high of $19.89.
Prior to being delisted this July, the shares hit a low of $0.50.
On July 28th, its closing price on the TSX was $0.62.
However, Sears Canada Inc. continues to trade on the U.S. OTC markets. It's last price on Friday, September 29th, was $0.0527.
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