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By Nichola Saminather
Oct 10 (Reuters) – Sears Canada moved a step nearer to permanent closure after several attempts to find a buyer failed, with the retailer saying it will seek court approval on Friday to shutter its remaining 130 stores, leaving 12,000 employees without jobs.
The retail chain is the latest victim of a widespread shift in consumer behavior demanding more convenience and up-to-date fashions that has seen nimble online operators such as Amazon.com Inc. claw market share from bricks-and-mortar retailers that have clung to their traditional business models.
It also adds to the list of retail bankruptcies this year.
Sears Canada, which began operations in Canada in 1952, expects liquidation sales …
Read the full article at: https://www.reuters.com/article/sears-canada-hearing/update-1-sears-canada-seeks-court-approval-to-liquidate-assets-idUSL4N1ML4RA
