Liquidation sales begin at 54 Sears stores
Shoppers line up to take advantage of steep discounts
Shoppers queued up Friday in hopes of finding a deal as Sears Canada Inc. began liquidation sales at 54 locations that will be closed as part of a court-supervised restructuring that began last month.
Large red, black and yellow signs that proclaimed “everything must go” and “nothing held back” greeted bargain hunters who began lining up before the doors opened.
Sears Canada says prices will be discounted by 20 to 50 per cent.
“We encourage consumers to shop early to take advantage of the best selection of products and great savings available throughout the stores while supplies last,” Gary Epstein, a spokesman for the liquidating group, said in a statement.
The sales — to be held across the country — are being run by a joint venture group including Hilco Global, Gordon Brothers, Tiger Capital Group and Great American Group.
In addition to the store merchandise, the liquidators will be selling fixtures, furnishings and equipment in the closing stores.
The liquidation sales are at 20 full-line, 15 Sears Home, 10 Outlet and nine Hometown locations in every province except Prince Edward Island.
In total, Sears plans to close 59 locations and cut about 2,900 positions before emerging from court protection.
Sears Canada has been under court protection since June 22. Under the Companies’ Creditors Arrangement Act, it’s looking for a buyer or investor while negotiating with lenders, landlords and other creditors.
Employees at the stores where the liquidation sales are taking place have been asked to stay on the job until the sales are complete and the location is shut down.