Sears Canada Wins Court Approval to Liquidate Remaining Stores
Hilco Global, Gordon Brothers, Tiger Capital Group and Great American Group to Liquidate All Inventory at Closing Canadian Sears Department Stores and Home Stores
TORONTO, Oct. 19, 2017 /CNW/ – Sears Canada Inc. (“Sears Canada” or the “Company”) announced today that a joint venture (“JV”) group will be operating liquidation sales beginning this Thursday, October 19, 2017, at the remaining Sears Canada department stores and Home stores. This announcement comes after Sears Canada obtained an Order from the Ontario Superior Court of Justice on Tuesday October 17, 2017 to liquidate 82 Stores (74 Department Stores and 8 Sears Home). A full listing of closing locations can be found here.
Beginning today, customers can take advantage of Deep Discounts of up to 50% off at department store locations and up to 30% off at Home locations during the store closing sales. Liquidation discounts will be available on all Sears own brands, including Kenmore, as well as brand name men’s and women’s apparel, children’s wear, footwear, bed and bath, home décor, fitness and recreation, toys, furniture, mattresses, major appliances, hardware, luggage and more.
The JV group formed among Hilco Global (through its Canadian division, Merchant Retail Solutions, ULC), Gordon Brothers, Tiger Capital Group and Great American Group, has significant experience in Canada having operated several recent events for other retailers in Canada.
A spokesperson for the JV group said, “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.” The JV Group indicated that selected fixtures, furnishings and equipment in the closing stores will also be for sale and that Sears Canada gift cards will be honoured throughout the sale.
Additional Information: Sears Canada and certain of its subsidiaries were granted an Initial Order and protection under the CCAA on June 22, 2017. Copies of the Company’s motion materials and other court documents are available on the Monitor’s website: http://cfcanada.fticonsulting.com/searscanada. Information regarding the CCAA process may also be obtained by calling the Monitor’s hotline at 416-649-8113 or 1-855-649-8113 (toll free), or by email [email protected].
About Sears Canada: Sears Canada Inc. is an independent Canadian digital and store-based retailer and technology company whose head office is based in Toronto. Sears Canada operates as a separate entity from its U.S.- based co-founder, now known as Sears Holdings Corp., based in Illinois.
Forward Looking Information
Certain matters set forth in this news release, including but not limited to statements with respect to the CCAA application and proceedings, the restructuring and the sale and investment solicitation process, and the Sears Canada Group’s ability to meet its obligations are forward looking. These forward-looking statements reflect management’s current views and are based on certain assumptions, including assumptions as to future operating conditions and courses of action, restructuring alternatives, economic conditions, and other factors that management believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including the risk that the restructuring may be protracted as well as those risks and uncertainties identified under the heading “Risks and Uncertainties” in Sears Canada’s management’s discussion and analysis for the 52-week period ended January 28, 2017, and for the 13-week period ended April 29, 2017, available at www.sedar.com. These forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.
SOURCE Sears Canada Inc.