Sears Canada has been granted approval for liquidation! 

Today October 13th 2017, Sears Canada has officially be approved for liquidation by Ontario Superior Court. The company’s liquidation sales are expected to start on Oct. 19, 2017 and will last for a period of 10-14 weeks.

The company is closing all 130 stores. Which across Canada will be 12,000 jobs lost. In the Maritimes alone over 780 jobs will be affected.

Atlantic provinces: five full-line stores

Quebec: 18 full-line stores

Ontario: 30 full-line stores, five Sears Home stores

Prairies: 10 full-line stores, one Sears Home store

Pacific region: 11 full-line stores, two Sears Home stores

There now is two Sears Canada call centres one in Saint John, N.B and the other in Edmundston, N.B.

$8.7 million was originally being invested by the government for the centres.  Opportunities NB said “No government money has been given to Sears nor is there any plan to provide it.”

However, On Jul 9, the TJ asked why GNB was listed as a Sears creditor. Brian Gallant committed to looking into the matter further. It’s been 3 months.

In January 2017, the Economic Development Minister, Francine Landry, had stated after the government decided to invest in the company that “Sears was a good investment for New Brunswick”. Landry had talked about a review that had been done, with much due diligence, and adding that Sears Canada operation was in “better shape” than the USA operations.

$2M was announced in February to be given upfront as a forgivable loan. Opportunities New Brunswick denies they received it, and said Sears failed to meet requirements. Brian Gallant also said on CTV Atlantic that there was no investment made.

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Categories: Maritime News

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