Sales at Sears

For­mer gi­ant of Canada retail be­gins liq­ui­da­tion sales at 54 lo­ca­tions

The Guardian (Charlottetown) - - BUSINESS -

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 liq­ui­dates 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.

Sears Canada ex­pects to fin­ish the liq­ui­da­tion sales by Oct. 12 and hopes to com­plete its re­struc­tur­ing as soon as pos­si­ble this year.

Once a retail stal­wart, Sears Canada has strug­gled in re­cent years de­spite its ef­forts to adapt to the changes in the retail busi­ness.

The com­pany has also been chal­lenged by sev­eral changes in its ex­ec­u­tive lead­er­ship over the last four years.

CP PHOTO/RYAN REMIORZ

Bar­gain hunters are seen at the Sears store Fri­day in St. Eus­tache, Que­bec. Dozens of Sears stores across the coun­try des­tined for clo­sure be­gan liq­ui­da­tion sales Fri­day.

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