Photo: Ryan Remiorz, The canadian Press
Toronto — Sears Canada has received on Friday the green light from an ontario judge to proceed with the liquidation of its 130 stores remaining. At the end of the operation, some 12 000 additional employees will find themselves without work.
Justice Glenn Hainey of the superior Court of justice of Ontario has approved the liquidation, after having heard that despite weeks of discussions, no buyer had been found to resume the activities of the retailer in trouble.
Sears Canada was placed under court protection from its creditors in June.
A group of buyers headed by the executive chairman of Sears Canada, Brandon Stranzl, had initiated discussions with the retailer to redeem and continue to exploit it. But a lawyer for the retailer told the court Friday that even if he had been optimistic, no feasible proposal had seen the light of day.