Sears Canada announced Monday that extended warranties won't be honoured as of Wednesday, Oct. 18, a day before all 131 of the chain's stores in Canada begin liquidation sales.

"After October 18, Sears will no longer be in a position to honour Sears Protection Agreements to customers," the chain said in a release, adding that most of the products its sells are backed by a one-year warranty from the manufacturer anyway.

But customers often paid extra for protection and repair services for years down the line, and those will be null and void as of Wednesday.

Anyone who purchased such a warranty in the past 30 days is entitled to a full refund, the chain said.

But there was little clarity on what repair services customers will be able to rely on, even for those willing to pay. The company is trying to find a buyer for that part of its business, but there's no guarantee that one will emerge.

All sales final

"Sears continues to seek a purchaser for the Sears Canada Product Repair Services (PRS) business, but the terms upon which an acquirer of that business would provide services to Sears customers are not known at this time," Sears said.

The company will still accept Sears gift cards, and allow purchases using Sears points. But all sales during the liquidation process will be final, the chain said.

The company also said in the same statement that Brandon Stranzl, the former chairman who had been trying to buy the chain during the liquidation process, has stepped down.

"In light of the liquidation, his services are no longer required," the company said. "The company thanks Brandon for his service to Sears Canada and wishes him well in the future."