Sears Canada has received court approval to liquidate all its remaining stores, putting 12,000 employees out of a job.
Ontario Superior Court heard Friday that despite weeks of discussion, no viable buyer has been found.
Justice Glenn Hainey approved Sears Canada91ÂãÁÄÊÓƵ™s motion to liquidate its remaining 130 stores and said he was satisfied there was no viable alternative.
The embattled retailer sought protection from its creditors in June.
A buyer group led by Sears Canada executive chairman Brandon Stranzl had been in discussions to purchase the retailer and continue to operate it. But a lawyer for Sears Canada told the court that although it had remained optimistic, no executable transaction exists.
Sears Canada closed 20 stores in June.
