Update Oct 10/17: Sears Canada scheduled to close Oakville Place store

Sears Canada Oakville Place September 2017
Update Oct 10/17: Sears Canada scheduled to close Oakville Place store
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Nolan A Machan

Nolan A Machan

Nolan Machan is the Publisher of OakvilleNews.Org and has over 41 years of local Oakville knowledge. He is committed to providing Oakville residents with the most up-to-date information about our great town.

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Sears Canada has applied for liquidation approval that was announced on October 10 2017. The request will be heard by the court on October 13, 2017. 

Should the court approve the liquidation, it is expected sales at stores would commence no sooner then October 19, 2017. Liquidation at stores is expected to last between 10 to 14 weeks.

This action was taken because no agreements for the sale could be reached after exhaustive negotiations.

Original Post September 30,2017

It’s official Sears Canada has scheduled to close its Oakville Place location which was announced on Friday, September 29, 2017.

It will continue to operate the location for the time being; however, it is unclear if it will be used as a liquidation outlet.

The liquidation of merchandise will possibly follow the model used by Target Canada as it terminated its Canadian operations. When Target Canada stores were being closed, the company first reduced prices over a period of time at each store. When a store’s merchandise had been sufficiently depleted, the store was then closed and the remainder of the merchandise was moved to a liquidation location.

Liquidation at Oakville’s TARGET to start on February 5, 2015

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Sears Canada and Sears.ca will operate as it continues to promote new fall and holiday merchandise. This merchandise would have been order several months earlier. The company is hoping to operate until November 7, 2017, if they are granted a stay period.

Late in August 2017, the Sale Advisor and the Monitor received a potential bid by Brandon Stranzl, Executive Chairman of Sears Canada. He submitted an amended bid this past week. The Advisor is continuing to negotiate with Mr. Stranzl.

Oakville Place, owned by RIOCAN, is one of several Sears locations that are scheduled to close. Oakville Place is will be having a Grand Reopening in mid-October, after a substantial renovation.

Update: October 5, 2017
On October 5, 2017 RIOCAN Oakville Place announced it has secured an agreement with Sears Canada to surrender the location for a fee of $4,000,000 which is at 100 percent. A co-owner of RIOCAN is Hudson Bay Company.

An additional 1,200 employees are expected to lose there jobs. Approximately 100 people are employed at Sears Canada in Oakville Place.  There are a total of 10 full-line stores scheduled to be closed. The company has entered into an agreement to sell the Garden City location in Winnipeg, along with a lease transfer of the small-parcel fulfillment centre in Calgary, Alberta.

Other Ontario locations scheduled to close are:

  1. Lime Ridge Mall – Hamilton
  2. Fairview Mall – North York
  3. Scarborough Town Centre – Scarborough

Further details regarding each agreement are included in the respective motion materials that will be available on the Monitor’s website at http://cfcanada.fticonsulting.com/searscanada.

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Readers Comments (2)

  1. Nick says:

    dont understand why oakville does have a better mall like square one

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  2. […] Update Oct 10/17: Sears Canada scheduled to close Oakville Place store […]

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