So it appears Midtown (or 20Vic, the owners of Midtown) saw the writing on the wall. It is now official - Sears Canada is going out of business.
I feel bad for the people losing their jobs. This kind of thing is always bittersweet. Still, I'm looking forward to the redevelopment of that space and the new retailers we will have in the city.
Quote:
Sears Canada announced Tuesday that it is seeking court approval to liquidate all of its remaining assets, beginning Oct. 19.
“Following exhaustive efforts, no viable transaction for the company to continue as a going concern was received,” according to a press release from the company.
“Accordingly, Sears Canada, with the recommendation of its advisors . . . is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval. The Company deeply regrets this pending outcome and the resulting loss of jobs and store closures.”
The court hearing for approval is set for Friday.
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Story:
https://www.thestar.com/business/201...-business.html