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'Business as usual:' Mall manager reacts to Sears Canada news

11 October 2017

It's been a tough few months for once-iconic department store brand Sears, and it looks like news isn't getting any better for the once beloved retailer.

The news follows weeks of Sears Canada creditors negotiating with a group of senior executives, including executive chairman Brandon Stranzl, to buy the company. "Accordingly, Sears Canada, with the recommendation of its advisors and approval of the Monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval".

A customers enters the Sears store in North Vancouver, British Columbia.Thomson ReutersOct 10 (Reuters) - Sears Canada will seek court approval to liquidate all its remaining stores and assets after the 65-year-old retail chain failed to reach an agreement to continue to operate.

Company officials had hoped to find a buyer that would take over the remaining stores, but the search was unsuccessful.

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Terry Napper, general manager of Midtown Plaza, said it was too early to think about what might happen with the Sears store in Saskatoon following Tuesday's announcement.

Sears Canada plans to start the liquidation sales no later than October 19, a process which is expected to continue for 10 to 14 weeks.

The retailer has approximately 12,000 employees, three-quarters of whom are part-time, Shaffer added.

The move would close all of the stores unaffected by June closures, including the North Bay location. "But we are working, along. with pension representative council, to pursue all avenues possible as an alternative to liquidation". "This is an extremely sad day for all of us and certainly not the outcome we wanted".

'Business as usual:' Mall manager reacts to Sears Canada news