Sears has been granted court approval to begin liquidation sales and is now formally seeking investment or acquisition offers after extending its creditor protection period.
Sears Canada announced last month it would be closing 59 stories nationwide and would begin an initial 30-day restructuring period. The company received $450 million on debtor-in-possession financing from the Ontario Court of Justice under the Companies’ Creditors Arrangement Act (CCAA) to maintain operations.
The company has since applied to extend its restructuring period until Oct. 4, 2017 and has launched a Sales and Investment Solicitation (SISP) process with an offer deadline of Aug. 31, 2017.
Sears’ financial advisor, BMO Capital Markets, will oversee the SISP process.
Liquidation sales at Sears’ closing stores – including the 22 outlets in Western Canada – begins this Friday, July 21.
Full list of store closures:
