BUSINESS

Sears Canada Liquidation Sales Begin At 54 Locations Nationwide

The retailer hopes the sales can help it emerge from creditor protection.

07/21/2017 09:54 EDT | Updated 07/21/2017 15:31 EDT
Bloomberg via Getty Images
Shoppers walk past mannequins displayed at a Sears Canada store inside a mall in Toronto, Ontario, Thursday, June 22, 2017. Liquidation sales have begun at 54 Sears locations across the country.

TORONTO — The liquidation sales at 54 Sears Canada Inc. locations began Friday, a process the company hopes will help it emerge from creditor protection later this year.

The process includes 20 full-line, 15 Sears Home, 10 Outlet and nine Hometown locations in every province except Prince Edward Island.

The sales are being run by a joint venture group including Hilco Global, Gordon Brothers, Tiger Capital Group and Great American Group.

The group says fixtures, furnishings and equipment in the closing stores are up for sale in addition to the merchandise.

More: Sears Canada's $9.2M In Retention Bonuses Sparks Shock, Disbelief

Sears Canada, which is operating under court protection from creditors, says discounts range between 20 to 50 per cent off.

The retailer has announced plans to close 59 locations in all and cut about 2,900 jobs as part of its restructuring plan.

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