All Merchandise at nine of the Closing Sears Home Stores in Canada to Offer Final Discounts of 50% to 90% Off
Toronto, ON, August 18, 2017 – Sears Canada announced today final plans and specific dates for the closing of nine of the previously-announced Sears Home Stores in Canada by August 27th with plans to conduct significant sale events starting immediately and until all merchandise is sold.
Sales will begin today, August 18th, and will continue to run until the last day that each store remains open for business. Four Stores will close on August 23rd and five will close on August 27th. (See list below for locations). Customers are encouraged to shop immediately to take advantage of final discounts of up to 90% off on brand name furniture, refrigerators, washers, dryers, ovens, dishwashers, mattresses and home décor while merchandise is still available.
Last Day of Business is Wednesday, August 23, 2017 at the following four locations:
Ancaster, ON: 45 Legend Court
Orillia, ON: 8000 Highway #12
Scarborough, ON: 27 William Kitchen Road
Ste-Foy, QC: 1430 Avenue Jules-Verne
Last Day of Business is Sunday, August 27, 2017 at the following five locations:
Calgary (South), AB: 70 Glendeer Circle SE
London, ON: 784 Wharncliffe Road
Ottawa (East), ON: 1491 Innes Road
Saint-Bruno-de-Montarville, QC: 1155 Boulevard des Promenades,
Québec City, QC: 1700 rue Bouvier
The final store closing sale events will continue to be managed by the joint venture (“JV”) group that includes Hilco Global (through its Canadian division, Merchant Retail Solutions, ULC), Gordon Brothers, Tiger Capital Group and Great American Group.
A spokesperson for the JV Group said, “This is an outstanding time to find fantastic savings on brand name merchandise. All merchandise at the Sears Home stores in Canada that are scheduled to close August 23rd and August 27th will increase markdowns. Customers will find additional markdowns during these final days with price reductions as low as 50% to 90% off on all furniture, appliances, mattresses and home décor. We expect that merchandise will completely sell out during this final sale event.”
In June, Sears Canada announced that it was closing a number of full-line stores, Sears Home stores and Sears Outlet stores across Canada with plans to completely exit the stores no later than September. Once these stores are closed, Sears Canada’s count of continuing stores will be 74 full-line stores coast to coast, 8 Sears Home stores, and 49 Sears Hometown stores. Sale events at the closing stores have been underway for several weeks with operations at the nine Sears Home stores mentioned in this release to cease permanently by the end of this month.
About Sears Canada: Sears Canada Inc. is an independent Canadian digital and store-based retailer and technology company whose head office is based in Toronto. Sears Canada's unique brand format offers premium quality Sears Label products, designed and sourced by Sears Canada, and of-the-moment fashion and home décor from designer labels in The Cut @ Sears. Sears Canada also has a top ranked appliance and mattress business in Canada. Sears Canada is undergoing a reinvention, including new customer experiences at every touchpoint, a new e-commerce platform, new store concepts, and a new set of customer service principles designed to deliver WOW experiences to customers. Information can be found at sears.ca/reinvention. Sears Canada operates as a separate entity from its U.S.- based co-founder, now known as Sears Holdings Corp., based in Illinois.
About Hilco Global - Merchant Retail Solutions, ULC: Merchant Retail Solutions, ULC is a Canadian division of Hilco Global (www.hilcoglobal.com) which provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer’s strategic initiatives. The firm’s activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Hilco Global, is one of the world’s leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions. Hilco Global operates twenty specialized business units around the world.
About Gordon Brothers: Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across four continents.
About Tiger Capital Group, LLC: Tiger Capital Group and its affiliates provide asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger maintains domestic offices in New York, Los Angeles, Boston, Chicago, and San Francisco, and international offices in Sydney, Perth, Melbourne and Brisbane, Australia. To learn more about Tiger, please visit www.TigerGroup.com.
About Great American Group: Great American Group, LLC is a leading provider of asset disposition, advisory and valuation services and a wholly-owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY). Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional services firms in maximizing the value of their assets. To learn more about Great American Group, please visit www.greatamerican.com.
Forward Looking Information
Certain matters set forth in this news release, including but not limited to statements with respect to liquidation activities, the CCAA application and proceedings are forward looking. These forward-looking statements reflect management’s current views and are based on certain assumptions, including assumptions as to future operating conditions and courses of action, restructuring alternatives, economic conditions, and other factors that management believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including the risk that the restructuring may be protracted as well as those risks and uncertainties identified under the heading “Risks and Uncertainties” in Sears Canada’s management’s discussion and analysis for the 52-week period ended January 28, 2017, and for the 13-week period ended April 29, 2017, available at www.sedar.com. These forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.