July 21, 2017 / 1:30 PM / 2 years ago

Sears Canada starts liquidation sales prior to closing stores

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

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.

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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