Sears Canada said Tuesday it plans to seek court approval to begin liquidation of all of its remaining stores and assets, a move that would see about 130 outlets close and put about 12,000 employees out of work. "Sears Canada, with the recommendation of its advisers 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," Sears Canada said in a release. Sears Canada has been in court-approved creditor protection since June 22. After it was granted protection, Sears received permission from the court to seek out a buyer or investors. At that court hearing, a lawyer for FTI Consulting warned that Sears Canada was running out of time and money.

Source: CBC News October 10, 2017 16:59 UTC