Liquidation of Sears Canada Stores Underway

Toronto — On October 19, 2017, a joint venture (JV) group began operating liquidation sales at the remaining Sears Canada department stores and Home stores. Sears Canada, Inc. plans to liquidate 82 stores (74 department stores and 8 Sears Home stores). A full listing of closing locations can be found here.

The JV group formed among Hilco Global (through its Canadian division, Merchant Retail Solutions, ULC), Gordon Brothers Canada, ULC, Tiger Capital Group and Great American Group, has significant experience in Canada having operated several recent events for other retailers in Canada. The JV group also indicated that selected fixtures, furnishings and equipment in the closing stores will also be for sale.

Sears Canada Inc. is an independent Canadian digital and store-based retailer and technology company based in Toronto. Sears Canada operates as a separate entity from its U.S.-based cofounder, now known as Sears Holdings Corp., based in Illinois.

Merchant Retail Solutions, ULC is a Canadian division of Hilco Global, which provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives. Hilco Global operates 20 specialized business units around the world.

Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers has partnered with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use since 1903. Gordon Brothers is headquartered in Boston, with 25 offices across four continents.

Tiger Capital Group and its affiliates provide asset valuation, advisory and disposition services to a broad range of retail, wholesale and industrial clients. Tiger maintains domestic offices in New York, Los Angeles, Boston, Chicago, and San Francisco, and international offices in Sydney, Perth, Melbourne and Brisbane, Australia.

Great American Group, LLC is a leading provider of asset disposition, advisory and valuation services and a wholly-owned subsidiary of B. Riley Financial, Inc.

SOURCE: Hilco Global

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