Sears Canada hopes to begin liquidating 45 stores slated for closure beginning on July 21, according a legal motion to be submitted in court as the company struggles to restructure under creditor protection. The motion could be heard as early as Thursday, along with numerous other motions related to the company’s insolvency, including one to allow Sears Canada to stop funding the company’s $267-million pension deficit. Sears Canada obtained protection from creditors under the Companies’ Creditors Arrangement Act (CCAA) on June 22, as it tries to remain afloat by downsizing and restructuring. The 14 Hometown Dealer stores being closed will be allowed to run their own liquidation sales because they are independently owned and operated. They must follow the same liquidation guidelines, according to the motion.

Source: thestar July 12, 2017 18:21 UTC