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Sears lawyer Jeremy Dacks told the hearing to approve plan that it was “crucial” the retailer be permitted to begin sales of its merchandise, furniture, fixtures and equipment as soon as possible so it could “maximize” benefits for its stakeholders.
“It gives us certainty of recovery,” Dacks said in court.
Stores will be able to advertise the sales with signs that say “Everything On Sale,” “Everything Must Go,” and “Store Closing” or similar wording. However, the signs cannot say “Bankruptcy,” “Liquidation” or “Going out of Business,” according to the motion.
The chain plans to shut 20 full Sears stores, 15 Sears Home Stores, all 10 outlet stores and 14 Sears Hometown stores — roughly one-third of its current retail footprint.
Last week, Ontario Superior Court Judge Glenn Hainey gave the company the green light to begin the process of putting itself up for sale. He also gave the retailer approval to pay $ 9.2 million in retention bonuses to executives and other key employees.
Founded in 1952, Sears Canada operates 239 locations, including department stores, Hometown stores, Home Stores, distribution centres and warehouses. It also owns 16 franchises under the Corbeil banner, a specialty major appliances chain. It said it hopes to exit court protection as soon as possible this year.