TORONTO -- Sears Canada is due in court today to seek approval for a full liquidation of its remaining stores as early as Oct. 19, putting another 12,000 employees out of a job.
The embattled retailer is scheduled to put forth a motion in Ontario Superior Court Friday to liquidate roughly 130 stores after it said earlier this week it had failed to find a viable buyer.
Sears Canada sought protection from its creditors in June.
A buyer group led by Sears Canada executive chairman Brandon Stranzl has been in discussions to purchase the retailer and continue to operate it.
But in a report dated Wednesday, the court-appointed monitor FTI Consulting Canada said that although the Stranzl group continued to be in discussions with stakeholders, no updated executable proposal had been presented.
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