580 CFRA – Sears Canada Throws in The Towel

Sears Canada is seeking approval for a full liquidation of its remaining stores as early as Oct. 19, putting another 12,000 employees out of a job.

The embattled retailer is scheduled to put forth a motion in Ontario Superior Court Friday to liquidate roughly 130 stores after it said earlier this week it had failed to find a viable buyer. Sears Canada sought protection from its creditors in June.

Chantel Goldsmith is a Toronto Employment Lawyer and partner at Samfiru Tumarkin LLP. She joined Newtalk 580 CFRA’s Evan Solomon to explain why the remaining 12,000 Sears Canada employee will not receive severance pay if the company is given approval to close up shop.

Learn more about the Sears Canada bankruptcy and what the Sears Act entails.