Sears Canada seeks court approval to liquidate all stores

FILE - In this Wednesday, Feb. 8, 2017, file photo, shoppers walk into a Sears store in Pittsburgh. Sears said that there is “substantial doubt” that it will be able to remain in business. The company, which runs Kmart and its namesake stores, has struggled for years with weak sales. (AP Photo/Gene J. Puskar, File)

TORONTO (AP) – Sears Canada Inc. is seeking court approval to liquidate its roughly 130 remaining stores.

That would leave about 12,000 employees without a job.

The embattled retailer has been operating under the Companies’ Creditors Arrangement Act since June. It said Tuesday that it had failed to find a buyer that would allow it to continue.

The court overseeing Sears Canada’s operations is expected to hear a motion Friday seeking approval for the liquidation and wind-down of the business.

Sears last week received a revised bid from a buyer group led by its executive chairman Brandon Stranzl to buy the business.

A lawyer for Sears Canada’s court-appointed monitor told the court it would consider the bid, but the company was running out of money and time.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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