Sears Canada (Toronto) plans close 59 stores throughout the country as part of the retailer’s efforts to restructure under creditor protection, having filed for bankruptcy last month. Liquidation sales for 45 of those stores are expected to begin, starting July 21. The court still has to approve the legal motion, but the company anticipates the stores closing by October 12.
The remaining 14 stores that are slated for closure are Hometown Stores, which will be able to run their own liquidation sales, since they are independently owned.
Another legal motion that the company has filed with the courts is to stop funding the company’s $267-million pension deficit.
The company is hoping that these measures will allow it to recover and remain in business, reports The Toronto Star.