Toronto/Fraser Valley – OCTOBER 19 UPDATE – The liquidation sales for all remaining Sears stores across the country, start Thursday October 19. That includes Cottonwood Mall in Chilliwack. Retail experts say that off the top, there will be savings between 30 and 50%, you might want to wait a week or two when even deeper cuts are available. That is to ensure product is moved. Remember, these are final sales and you may have the manufacturers one year warranty…or not. Double check before you buy.
This could very well be the early jump start to the holiday shopping season. Should you head out to any Sears location for the sale, comment below and tell FVN what you think.
OCTOBER 13 UPDATE – It was inevitable, and an Ontario Court Judge agreed.
And this happens on a Friday the 13th.
An Ontario Superior Court judge has approved a request by Sears Canada to liquidate all of its remaining stores. That includes the Chiliwack store in Cottonwood Mall. FVN asked the Mall’s management, Morguard earlier this week, what the plan would be should the liquidation request be granted. They referred us to their communications people who did not return emails. The bottom line is that after the demise of Zellers and Target (over the past five years), Cottonwood Mall will now lose another anchor tenant. London Drugs remains the other major tenant.
In total, cross country, 12,000 people will lose their jobs. It is expected that liquidation sales at retail locations would commence no earlier than October 19 and continue for 10 to 14 weeks.
In theory, Sears will shut its doors by Christmas.
OCTOBER 10 ORIGINAL STORY – (CNW)- Sears Canada Inc. announced that it and certain of its subsidiaries (the “Sears Canada Group”) will be applying to the Ontario Superior Court of Justice for approval to liquidate all of its remaining stores and assets. It is expected the Court will hear the motion on October 13, 2017. Pending approval of the Court, it is expected that liquidation sales at retail locations would commence no earlier than October 19 and continue for 10 to 14 weeks. Further details regarding the liquidation will be communicated in due course.
Sears Canada was granted an Initial Order and protection under the Companies’ Creditors Arrangement Act (“CCAA”) on June 22, 2017. It subsequently received the Court’s approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group’s business, assets and/or leases, and to implement one or a combination of proposals.
Sears Canada received and implemented going concern transactions for various lines of business, but following exhaustive efforts, no viable transaction for the Company to continue as a going concern was received. Accordingly, Sears Canada, with the recommendation of its advisors and approval of the Monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following Court approval. The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures.
Copies of the Company’s motion materials will be available on the Monitor’s website at http://cfcanada.fticonsulting.com/searscanada. Information regarding the CCAA process may also be obtained by calling the Monitor’s hotline at 416-649-8113 or 1-855-649-8113 (toll free), or by email at email@example.com. Sears Canada will continue to provide updates regarding its restructuring as developments warrant.