TORONTO (AP) — Sears Canada has been given approval to begin liquidation sales Friday at 59 locations it plans to close.
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.
Most Read Business Stories
- When private jets ferry billionaires to small-town Idaho
- She bought a house in Seattle for $36,000 in 1973. How can she release some cash?
- Next time your Seattle landlord hikes the rent, you may be eligible for help
- Mark Zuckerberg prepares Meta employees for a tougher 2022
- How to scrub yourself from the internet, the best that you can
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.