July 21, 2017 / 1:30 PM / 5 months ago

Sears Canada starts liquidation sales prior to closing stores

TORONTO (Reuters) - Sears Canada Inc SCC.TO said it would start liquidation sales on Friday at 54 stores that it plans to close as part of a court-approved restructuring plan to improve its performance following years of declining sales.

FILE PHOTO - The closing down Sears store is shown in downtown Vancouver, British Columbia, Canada on September 13, 2012. REUTERS/Andy Clark/File Photo

Sears Canada, which in 2012 was spun off from U.S. retailer Sears Holdings Corp SHLD.O, filed for creditor protection in June and laid out a restructuring plan that included the store closures as well as some 2,900 job cuts.

The liquidation sales will be held at 20 full-line Sears Canada department stores, 15 Sears Home outlets, 10 Outlet stores and 9 Hometown locations.

Reporting by Jim Finkle in Toronto; Editing by Bernadette Baum

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