(Marina Strauss, Globe & Mail) Insolvent Sears Canada Inc. is ready to give its executive chairman another month to firm up his bid for the company, even as the retailer pushes ahead with a flurry of sales of its assets to others, raising more doubts about its long-term survival. Sears, which won court protection from its creditors in June, will ask the Ontario Superior Court on Wednesday to approve a number of sales, including some that would result in 11 more stores closing and 1,200 more employees losing their jobs after the outlets are liquidated. In June, it announced that 2,900 other workers were being let go without severance and 59 of its 255 outlets were closing. As well, Sears will ask the court to extend its protection period until Nov. 7. And it will ask for a green light to sell its Viking trademarks to Canadian Tire Corp. Ltd. and seek approval to sell the lease of its Calgary distribution centre to Indigo Books & Music Inc...
The clock is ticking down on Sears Canada's legal protection from creditors. Will it emerge to keep fighting, or close?
The Sears Company closed down 59 stores across the country with a number of those in Maritime markets on Sunday.