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Sears Canada Begins Liquidation Sales At 54 Locations

July 24, 2017, 08:00 AM
Filed Under: Bankruptcy

Sears Canada Inc. announced that a joint venture group formed among Hilco Global (through its Canadian division, Merchant Retail Solutions, ULC), Gordon Brothers, Tiger Capital Group and Great American Group, began operating liquidation sales on Friday, July 21, 2017, at the stores previously announced by the retailer as closing. This announcement comes after Sears Canada obtained an Order from the Ontario Superior Court of Justice on Tuesday July 18, 2017 to liquidate 54 Stores (20 full-line, 15 Sears Home, 10 Outlet, and 9 Hometown locations).

Sears Canada announced in June that it had received creditor protection under the Companies' Creditors Arrangement Act (CCAA), and would close 20 full-line locations, plus 15 "Sears Home" Stores, 10 "Sears Outlet" and 14 "Sears Hometown" locations as well as a corresponding planned reduction in its workforce of approximately 2,900 positions across its retail network and at its corporate head office in Toronto. 

"We encourage consumers to shop early to take advantage of the best selection of products and great savings available throughout the stores while supplies last," said a spokesperson for the JV group managing the sale process, Gary Epstein, of Hilco Global. The JV Group also indicated that select fixtures, furnishings and equipment in the closing stores will also be for sale.  He also indicated that Sears Canada gift cards will be honoured throughout the sale.

The JV group, which has been appointed to operate the store liquidation process, has significant experience in Canada having operated several recent events for other retailers in Canada including Target Stores, Express, and BCBG.

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