Sears Canada is closing all of its stores in Canada, including the one at Northgate Shopping Centre in North Bay.
The local Sears store escaped the initial round of closings in June.
The company is seeking court approval to begin liquidation of all of its remaining stores and assets.
It is expected the Court will hear the motion this Friday. 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.
Sears Canada had been seeking out proposals for the acquisition of, or investment in, the Sears Canada Group's business, assets and leases, and hoped 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."
See the news release here.
Sears Canada is an independent Canadian digital and store-based retailer whose head office is based in Toronto. The Company operates as a separate entity from its U.S.- based co-founder, now known as Sears Holdings Corp. based in Illinois.