Bargain hunters are seen at the Sears store Friday, July 21, 2017 in St. Eustache, Quebec. (Ryan Remiorz/The Canadian Press)

Sears Canada seeks court approval to close more B.C. stores

Sears Canada says it will seek extension of stay period until November

Sears Canada is seeking court approval to close another batch of its stores, amid continued restructuring and no succesful bids to keep Sears operating as a whole company.

The Canadian retailer has entered into a number of lease surrender agreements and a lease amending agreement that – if approved – will result in the closure of three stores across B.C., according to a statement released Friday.

Stores impacted would include locations in Kelowna, Nanaimo and Burnaby, as well as seven others across the country. An estimated 1,200 employees will be impacted.

In June, Sears Canada announced it would close more than half of its store locations in the midst of court protection and restructuring.

Grand Forks, Kamloops, Sechelt, Creston and Abbotsford were four of the 59 locations that closed its doors.

READ MORE: 2,900 jobs expected to be lost in Sears store closures

READ MORE: Sears Canada looks to suspend benefits for retirees

Within the last year, the retailer has lost more than 80 per cent of its value.

The retailer’s motion will be reviewed by the Ontario Superior Court of Justice on Oct. 4.

Sears Canada yet to receive successful bids

As the company continues to move towards restructuring, its hoping to extend the stay period from Oct. 4 to Nov. 7.

During that time, the mega-retailer said its “continuing to operate its retail stores and website at sears.ca, featuring new Fall and Holiday apparel, accessories and home fashions as it continues its restructuring efforts.”

So far, there have been no successful bids to keep Sears operating as a whole company but instead for certain sections of the business, the company said.

A plan submitted by executive chairman Brandon Stranzl was conditional on financing and other factors and has so far been unsuccessful.

“Understanding, among other components, the role a successful bid could play in saving jobs, Sears Canada advisers continue to engage with Mr. Stranzl with the goal of enhancing the value and reducing the conditionality of the proposed transaction.”


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

SEARS Canada

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Skidegate Saints return to top of the Seniors Division with comeback effort against Metlakatla AK

Jesse Barnes wins MVP as Saints get revenge on Alaska side in All Native finale

Haida Gwaii teams well in contention at All Native

Haida Gwaii teams well in contention at All Native

Northern Health recommends self-quarantine for people returning from Hubei

The healthcare provider said it isn’t neccessary for healthy children to wear face masks

Wet’suwet’en return to camps near Houston, Coastal GasLink workers move through: First Nation

Opponents of a pipeline who support the Wet’suwet’en hereditary chiefs have reoccupied camps at centre of arrests

Man hooks massive fine fishing in MPA of Haida Gwaii

Fishing in a glass sponge of coast of Haida Gwaii reef nets a large fine

VIDEO: Minister reports ‘modest progress’ after blockade talks with First Nation

Wet’suwet’en hereditary chiefs say Coastal GasLink does not have authority to go through their lands

#FoxForFiver: Support grows in B.C. to put Terry Fox on new $5 bill

Terry Fox’ Marathon of Hope raised money for cancer research

Registration opens soon for BC 55+ Games in Richmond

2020 55+ Games have been officially scheduled for Sept. 15 to 19

Trudeau confers with cabinet ministers as rail blockades continue

The Trudeau government has been criticized for not doing more to end the blockades

Canadian nurses’ unions warn national standards for coronavirus protection too low

President says safety protocols nationwide are inadequate compared to those in Ontario and other countries

Murder of sex worker exposes Canada’s hypocrisy on prostitution: advocate

A 2014 law made purchasing sex or benefiting from the selling of sex illegal

Over a dozen birds found mysteriously dead on rural B.C road

Ministry of Agriculture notified of the strange occurrence on No. 4 Road in Abbotsford

B.C. men arrested after theft of heavy equipment leads to highway blockade

One man surrendered to police while the other was taken into custody the next morning, RCMP say

Most Read