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.

Just Posted

Columbia Basin Trust offering business accelerator program

Trust seeking motivated companies for customized support and mentorship program

Trail military exercises provide crucial training

Exercise Sapper Crucible: ‘The nuts and bolts of what a soldier is’

VIDEO: SPCA ushers in new era with Castlegar facility

$2.69-million project had ribbon cutting on Friday

Thrums, Riondel, and Slocan, revisited

Place Names: Scottish author delighted by Thrums name origin

Last stand for Silver City summer

Fall officially arrives in Trail at 6:54 p.m. on Saturday

Conservation officer frees B.C. deer from flotation gear mishap

BC Conservation Officer Service is reminding residents to keep backyards clear of entanglements

Lions earn stunning 35-32 OT win over Ticats

Epic comeback lifts B.C. past Hamilton in CFL thriller

Czarnik nets 3 as Flames dump Canucks 5-2

Calgary picks up exhibition win over Vancouver

Ottawa to name new ambassador for women, peace and security, Freeland says

Chrystia Freeland also confirmed Canada would spend about $25 million to fund number of initiatives

‘A little bright spot:’ Ottawa residents rescue dog trapped beneath rubble

Freelance journalist says rescue of a dog trapped under rubble was happy ending amid chaos in Ottawa

B.C. deaf community wants different sign languages on federal accessibility act

Advocates also want Indigenous Sign Language to be recognized on the Indigenous Language Act

VIDEO: B.C.-born firefighter remembered by MP in emotional speech

Family asks first responders to look after one another in wake of suicide, growing concerns of PTSD

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Tragic accident claims life of B.C. toddler

Fundraising effort has been created to help mom and family

Most Read