TORONTO, Oct 13 (Reuters) – Sears Canada on Friday won court approval to begin liquidating all its remaining assets starting Oct. 19, putting the retail chain with 12,000 employees on a path to closure after 65 years in the country.
The approval was granted by the Ontario Superior Court of Justice, which also extended creditor protection for Sears Canada to Jan. 22. The public liquidation sales are set to end on Jan. 21.
The end comes after years of falling sales and sliding market share for Sears Canada, whose beginnings as a catalog company seemed to make it ideally suited to take advantage of consumers shift to online shopping.
They were the best positioned retailer to be successful with the advent of e-commerce, said Sally Seston, ma…
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