Group of Sears Canada creditors wants to sue

Sears Canada is undergoing a rebranding, following the closure of 59 locations across the country

A group of Sears Canada creditors wants to sue the company’s executive officers and directors, alleging negligent misrepresentation and oppression.

The retailer’s court-appointed monitor says the group wants an Ontario judge’s permission to launch their case against the company, which is currently protected under the Companies’ Creditors Arrangement Act.

RELATED: Sears Canada closing 59 of its stores across Canada

In a report prepared ahead of a Friday court hearing in Toronto, the monitor said it has advised the creditor group that it believes such motions should be delayed.

However, it said the creditor group will ask the court to schedule a time to hear their claim.

RELTED: Sears Canada looks to suspend benefits for retirees

The court overseeing Sears Canada was also expected to hear a motion to approve the creation of a hardship fund for former employees that will come from a pool of money set aside to pay bonuses for key employees.

The monitor said it supports approval of the fund.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Drugs and guns seized by Chilliwack Mounties in complex case

Drug trafficking investigations led to five arrests in three different locations across Chilliwack

Chilliwack RCMP trying to catch robbery suspect

Police hope someone will identify the person who appears in security camera footage

Chilliwack churns out new generation of wildfire fighters

School district partners with B.C. Wildfire Service to prep Grade 12s for careers

Bucket-list flight for Chilliwack grandmother

Hampton House resident treated to a beautiful plane ride in Moments that Matter

UFV introduces first mindfulness graduate program in Canada

Most of the University of the Fraser Valley program is offered online

Protective human chain forms around Victoria mosque for Friday prayer

Islanders stand arm-in-arm to show support in aftermath of New Zealand shootings

Boy who went missing from park remains largest probe in Victoria police history

The four-year old Victoria boy went missing without a trace on March 24, 1991

Six ‘distraction thefts’ in two days spark warning to seniors by Vancouver police

Distraction thefts are used to steal jewelry off the necks of unsuspecting women

WestJet sticking with Boeing 737 Max once planes certified to fly

WestJet had expected to add two more of the planes this year to increase its fleet to 13

Motorcyclist dies after three-vehicle crash on old Island Highway

Accident happened at 12:15 p.m. Friday near Country Club Centre in Nanaimo

B.C. driver caught going 207 km/h on motorcycle along Okanagan Highway

A motorcyclist was caught by Kelowna RCMP going 207 km/h on Highway 97C

Protective human chain forms around B.C. mosque for Friday prayer

Vancouver Islanders stand arm-in-arm to show support in aftermath of New Zealand shootings

WATCH: Popular Glow festival faces cancellation in dispute over farm land

Langley’s Darvonda Nurseries received a compliance assessment notice from the ALC on March 5.

B.C. fire department offers tips to keep your home safe during wildfire season

With wildfire season getting closer, the Penticton Fire Dept. offer tips to keep your home safe

Most Read