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Sears Canada’s sales have fallen every quarter since it was spun off from Sears Holdings in 2012.
Along with extending the company’s credit protection, which had been set to end on Wednesday, the Ontario Superior Court of Justice also approved the closure of 11 stores as well as the sale of some of its businesses.
Liquidation is a court-based procedure under which the assets of a company are sold and the funds distributed to the company’s creditors.
The company must receive court approval of the liquidation agreements by Oct. 19 according to the amendment posted on the website late Tuesday.
Black Rock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.