Sears Canada gets approval to begin liquidation sales

Markets Associated Press

Sears Canada has been given approval to begin liquidation sales Friday at 59 locations it plans to close.

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Ontario Superior Judge Barbara Conway approved the motion Tuesday.

Sears lawyer Jeremy Dacks says the company wants to start sales of its merchandise, furniture, fixtures and equipment as soon as possible so it can maximize benefits for its stakeholders.

The liquidation sales will only occur at the 59 stores that are set for closure. They will begin Friday and run until Oct. 12, with the majority to be overseen by a third-party liquidator.

The beleaguered department store owner has been operating under court protection from creditors since June 22, when it announced its plan to shutter 59 stores and cut approximately 2,900 jobs.