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Sears Canada said Tuesday it plans to seek court approval to begin liquidation of all of its remaining stores and assets, a move that would see about 130 outlets close and put about 12,000 employees out of work.

“Sears Canada, with the recommendation of its advisers and approval of the monitor, FTI Consulting Inc., is seeking an order to commence a liquidation that would result in a wind-down of its business following court approval,” Sears Canada said in a release.

“The company deeply regrets this pending outcome and the resulting loss of jobs and store closures,” the retailer said.

 

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