https://www.bloomberg.com/news/articles/2017-06-20/sears-canada-is-said-to-seek-creditor-protection-in-coming-weeks
9 replies (most recent on top)
Guys this is a copy and pasted link in wikipedia. It explains the Canadian version of US Chapter 11 filing I hope it explains the difference.
https://en.wikipedia.org/wiki/Companies%27_Creditors_Arrangement_Act
I am still looking to see if there is a Canadian version of US Chapter 7/Total Liquidation company wind up.
@1cey, that is pathetic. If Sears Canada can pull it off can ESL investments/Eddie Lampert sell back his 45% share and the 10% SHC has in Sears Canada to canadian investers so Sears Canada can survive and be 100% canadian owned or is Sears Canada so far gone liqudation is the only option?
I think someone buys them big time and they have like 190 locations in ontario alone. Sears and lampert cash out huge.....
The sad thing is that I was in a Sears Canada store earlier this year, and it was in much better shape than any US Sears store I've been in lately. Much wider selection of merchandise and better presentation in every department, not that any of that helps the bottom line.
I think it was sold like...for like a $110m. Hand over the keys...sign the papers.
Ok, So they "technically" license the Sears trademark from SHC or do they own it outright? If SHC liqudates can Sears Mexico still exist or do they have to re brand?
Sears mexico was sold to Carlos Slim
Joking aside, I feel sorry for the Sears Canada employees. If SHC had spun them off right after the Kmart/Sears merger in 2004?
Sears Canada might have survived while Sears USA liqudates?
Anyone know what will happen to Sears Mexico?
Ah so it begins. May it die with a shred of dignity left.