Sears Canada wants to sell Corbeil Appliances
Published Monday, October 2, 2017 8:58PM EDT
Sears Canada is going to ask court permission to sell off its wholly-owned subsidiary, Corbeil Appliances.
The Laval-based firm Am-Cam Appliances has expressed interest in buying the retail chain.
The sale could result in the layoffs of about ten percent of the firm's 300 employees.
A price for the sale has not been disclosed.
Founded in 1949, Corbeil was sold to Sears Canada in 2005. Corbeil has 26 locations in Quebec and four in Toronto and Ottawa.
Sears Canada will be in court Wednesday to get approval for the offer, and to extend its dealings with creditors until Nov. 7.
Earlier this year Sears Canada sought protection from creditors and began closing dozens of stores, then announced this past weekend it would close even more locations.