You can expect to see sale signs in the Cold Lake Sears by the end of the week. The Ontario Superior Court has given the company approval to start liquidation sales at all 59 stores it’s closing.
The sales will run until October 12th to sell off everything from merchandise and furniture to fixtures and equipment. Employees at the stores closing have been asked to stay on until that time, but will not receive a severance.
Roughly 2,900 positions across the country are being cut. Sears Canada got court permission last week to pay $9.2 million in retention bonuses to executives and other key employees earlier this month.