Sears Canada has been given approval by the courts to sell off all of its remaining stores and assets, which includes two locations in Peel.

Earlier this month, the company announced that it was applying to the Ontario Superior Court of Justice for permission to liquidate its assets. In a news release issued on Monday, Oct. 16, Sears said the court has agreed to its request and that liquidation sales will start on Thursday, Oct. 19.

In June, Sears announced it was closing 59 locations across the country and would be eliminating about 2,900 jobs. At the end of September, it revealed it would be shuttering 11 more locations and that 1,200 people would be affected.

The company has about 12,000 employees.

There are two Sears locations in Peel. One is in Mississauga at Erin Mills Town Centre and the other is at Brampton’s Bramalea City Centre.

The company had been granted protection under the Companies' Creditors Arrangement Act back in June.

In a release earlier this month, Sears said it had been given court approval to seek out proposals for either the acquisition of its business or investment in the company. However, it said despite “exhaustive efforts”, it was unable to find a “viable transaction” that would have kept the company going.

Meanwhile, the company also announced on Monday, Oct. 16 that Brandon Stranzl, executive director of its board of directors, has resigned.

** Editor’s Note: This story was updated on Monday, Oct. 16 to reflect the fact Sears Canada has received court approval to liquidate its assets.