Sears Canada's registered retirement plan appoints new administrator
A Sears Canada outlet is seen in Saint-Eustache, Que. on Tuesday, June 13, 2017. (Ryan Remiorz / THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, October 17, 2017 5:56PM EDT
VANCOUVER -- Morneau Shepell is taking over administration of Sears Canada Inc.'s registered retirement plan.
The Financial Services Commission of Ontario says in a statement that the Ontario Superintendent of Financial Services appointed the human resources consulting and technology company after a competitive tendering process.
The commission says the superintendent determined it's inevitable that the plan will need to be wound up, but said the date and details are to be determined.
Morneau Shepell, which takes over the plan's administration effective immediately, will contact members in the coming months.
Sears Canada says in a statement that it welcomes the appointment and the company is working closely with Morneau Shepell on a smooth transition.
The retailer, which has been operating under court protection from creditors since June, received court approval last week to begin its liquidation sales starting Thursday.