Hilco Global, Gordon Brothers, Tiger Capital Group and Great American Group to Liquidate All Inventory at Closing Canadian Sears Department Stores and Home Stores
Toronto, ON, October 19, 2017 – Sears Canada Inc. (“Sears Canada” or the “Company”) announced today that a joint venture (“JV”) group will be operating liquidation sales beginning this Thursday, October 19, 2017, at the remaining Sears Canada department stores and Home stores. This announcement comes after Sears Canada obtained an Order from the Ontario Superior Court of Justice on Tuesday October 17, 2017 to liquidate 82 Stores (74 Department Stores and 8 Sears Home). A full listing of closing locations can be found here.
Beginning today, customers can take advantage of Deep Discounts of up to 50% off at department store locations and up to 30% off at Home locations during the store closing sales. Liquidation discounts will be available on all Sears’ own brands, including Kenmore, as well as brand name men’s and women’s apparel, children’s wear, footwear, bed and bath, home décor, fitness and recreation, toys, furniture, mattresses, major appliances, hardware, luggage and more.
The JV group formed among Hilco Global (through its Canadian division, Merchant Retail Solutions, ULC), Gordon Brothers Canada, ULC, Tiger Capital Group and Great American Group, has significant experience in Canada having operated several recent events for other retailers in Canada.
A spokesperson for the JV group said, "We encourage consumers to shop early to take advantage of the best selection of products and great savings available throughout the stores while supplies last.” The JV group indicated that selected fixtures, furnishings and equipment in the closing stores will also be for sale and that Sears Canada gift cards will be honoured throughout the sale.
Additional Information: Sears Canada and certain of its subsidiaries were granted an Initial Order and protection under the CCAA on June 22, 2017. Copies of the Company’s motion materials and other court documents are available on the Monitor’s website: http://cfcanada.fticonsulting.com/searscanada. Information regarding the CCAA process may also be obtained by calling the Monitor’s hotline at 416-649-8113 or 1-855-649-8113 (toll free), or by email at email@example.com.
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 operates as a separate entity from its U.S.- based co-founder, now known as Sears Holdings Corp., based in Illinois.