Bankrupt Sears Canada Asks Court For Permission To Liquidate, Shut Down

Like its American cousin, Sears Canada is in financial trouble. Unlike Sears Holdings, it doesn’t have a vast real estate portfolio that it can sell to raise cash. To that end, the company announced today that there is no way to keep the business going, and it will close all stores and liquidate.

Tears for Sears, eh?

Since June, Sears Canada has been under the protection of the CompaniesCreditors Arrangement Act, or CCAA, a process similar to Chapter 11 bankruptcy in the U.S. The...

What feeling does this article give you?

#hashtags to follow:

Sears Canada [+]    Sears Holdings [+]    Sears [+]    Companies [+]    Creditors Arrangement Act [+]    CCAA [+]    Chapter 11 [+]   

More #news: