As Sears Canada prepares to close its doors and lay off 12,000 employees, Sears Travel will now be rebranded under TravelBrands, under the name "The Travel Experts" as of Nov. 1.
After an unsuccessful attempt at finding a buyer for its remaining retail locations, Sears Canada announced that it will be applying to the Ontario Superior Court of Justice in order to liquidate all assets no later than Oct. 19, and continue for a period of 10 to 14 weeks.
"Future travel bookings will be handled by the Travel Experts," said Joe DeMarinis, vice president, sales and marketing, Red Tag Vacations. "All bookings made prior to the Sears Canada liquidation are safe and valid."
Sears Canada was granted an Initial Order and protection under the Companies' Creditors Arrangement Act ("CCAA") on June 22, 2017. It subsequently received the Court's approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group's business, assets and/or leases, and to implement one or a combination of proposals.
Back in 2015, TravelBrands obtained an Order from the Ontario Superior Court of Justice (Commercial Division) granting it creditor protection under the Companies’ Creditors Arrangement Act (CCAA), providing the necessary time and stability to restructure certain areas of its business, after a seven-year revenue sharing agreement with Sears for the operation of Sears Travel was awarded.