It's Official, Sears Canada Is Going Out Of Business
The company is doomed.
For awhile now, people have been speculating that Sears Canada was doomed.
The retail giant has been hemorrhaging money, and at first they were going to close down stores, do some restructuring and attempt to sell of assets.
But it looks like all those efforts were in vain because this morning, Sears Canada has officially applied to the Ontario Superior Court of Justice for approval to liquidate all of its remaining stores and assets.
The motion will be heard on Friday October 13, and if it is approved the liquidation is scheduled to begin October 19th.