Liquidation sales at Sears Canada locations slated for closure could begin as early as this week after an Ontario court signed off on the plan Tuesday.
The sales can start Friday and run no later than October 12 with the deep discounts happening only at the 59 department and Sears Home stores that have been slated for closure.
Sears starts liquidation sales on July 21 with subdued ads.
The majority of the sales will be overseen by a third-party liquidator with current employees being asked to stay on the job until the sales are complete and the locations are shut down.
Stores will be able to advertise the sales with signs that say “Everything On Sale,” “Everything Must Go,” and “Store Closing” or similar wording. However, the signs cannot say “Bankruptcy,” “Liquidation” or “Going out of Business,” according to the motion.
Sears Canada has been operating under court protection from creditors since June 22 when it announced its plan to shutter 59 stores and cut approximately 2,900 jobs.
The chain plans to shut 20 full Sears stores, 15 Sears Home Stores, all 10 outlet stores and 14 Sears Hometown stores — roughly one-third of its current retail footprint. – CINEWS