Sears Canada starts liquidation sales, seeks buyer proposals

The company has been under creditor protection since June 22 and has extended the restructuring grace period till Oct. 4, 2017

By
Western Investor
July 18, 2017





store closures
 
Sears has been granted court approval to begin liquidation sales and is now formally seeking investment or acquisition offers after extending its creditor protection period. 
 
Sears Canada announced last month it would be closing 59 stories nationwide and would begin an initial 30-day restructuring period.  The company received $450 million on debtor-in-possession financing from the Ontario Court of Justice under the Companies’ Creditors Arrangement Act (CCAA) to maintain operations.
 
The company has since applied to extend its restructuring period until Oct. 4, 2017 and has launched a Sales and Investment Solicitation (SISP) process with an offer deadline of Aug. 31, 2017. 
 
Sears’ financial advisor, BMO Capital Markets, will oversee the SISP process.
 
Liquidation sales at Sears’ closing stores – including the 22 outlets in Western Canada – begins this Friday, July 21. 
 
Full list of store closures: 
 
sears stores

Tanya is Western Investor's web content and social media coordinator. She first joined the Western Investor team as a editorial assistant in 2016, after a summer spent freelancing at Glacier Media papers The Burnaby Now and New West Record. She is a graduate of Langara College's journalism program.
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