The chain's closure sparked a number of controversies.
Sears began the process of liquidating its remaining stores in October after failing to find a buyer.
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"For a close-out deal, I would have thought the sale would be a bit higher."
The move will put 12,000 of its employees out of a job.
The court overseeing Sears Canada's operations is set to hear a motion Friday seeking approval for the liquidation and wind down of the business.
"We are nearing the end of the road... and quickly running out of money."
$500,000 for the fund will come from money set aside to pay bonuses under a key employee retention plan.
Sears Canada's plan to pay out millions in bonuses to keep execs and key staff on board while not paying severance to laid-off workers is being met with shock and disbelief.
Sears Canada also strikes deal over benefit and pension payments to retired employees.