On Tuesday, the retailer said in a statement that "following exhaustive efforts, no viable transaction" was made.
The store was part of the mall's August 1999 expansion when Sears moved from the Kingston Centre.
Employees will not be compensated, Power said, as it is not allowed through the Company Creditors Arrangement Act.
What started as a mail order catalogue selling clothes and appliances in 1952 quickly grew into a chain of stores across Canada, operated separately from those in the United States.
If the court approves, Sears expects liquidation sales at retail locations would start no sooner than October 19 and will continue for 10 to 14 weeks. Once completed, 12,000 Sears staff will be out of work.
The Kingston Sears Home store in the RioCan Centre closed in the summer.
That tally doesn't include the 2,900 in job reductions Sears Canada previously announced in June, when it announced the closure of 20 full-line locations, 15 Sears Home stores, 10 Sears Outlet and 14 Sears Home Town locations. Last month, Sears Canada announced it would close an additional 10 stores.
"We have not been contacted by Sears or their representatives regarding their plan".
Jean Rickli, a senior advisor with retail and marketing consulting firm J.C. Williams Group, said the retailer had taken some positive steps to revitalize the brand in recent years, such as a new logo and utilizing pop-up shops.
Prior to the bankruptcy filing, Sears Canada had been in the midst of a turnaround, which included a new off-price model and a revamped private label assortment.