Sears Canada seeks court approval to liquidate assets: Reuters
Sears Canada Inc will seek court approval to liquidate all its remaining stores and assets after the 65-year-old retail chain failed to reach an agreement to continue to operate, Reuters reported. Sears Canada has lost market share and struggled to remain relevant to shoppers who have switched to stores that keep up with fast-changing fashion trends. Its sales have fallen every quarter since it was spun off from Sears Holdings Corp in 2012. The company had been in negotiations with Executive Chairman Brandon Stranzl, who stepped away from day-to-day operations to come up with a proposal to keep the company afloat. The Wall Street Journal reported last month that Stranzl was negotiating a private-equity backed deal that could be valued at more than $650 million (US$533 million).
