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This means that the bank account will be frozen by the bank as soon as they are notified of the CVL."I am satisfied that there is no other viable alternative," Justice Glenn Hainey said.More than 12,000 people still work at the chain's roughly 130 remaining stores across Canada, which includes 74 Sears stores, eight Sears Home stores, and 49 Sears Hometown stores, which are independently owned and operated but affiliated with the company.An Ontario Superior Court judge has approved a request by Sears Canada to liquidate all of its remaining stores.The retailer had applied for permission to liquidate the stores on Tuesday, and permission was granted at a court hearing on Friday.
And the chain has shuffled through a half-dozen CEOs since the recession of 2009.