Daily News
From Home Furnishing Business
Report: Sears Canada Chairman to Resign, Make Bid for Company
August 18,
2017 by Larry Thomas in Business Strategy, Executive Changes, Industry 
Sears Canada Executive Chairman Brandon Stranzl will resign his post so he can focus on making a bid to buy the bankrupt retailer, according to a report by CBC News.
The report said Stranzl intends to restructure the company and keep it operating.
In June, the retailer filed for protection from creditors under the Companies’ Creditors Arrangement Act, which is similar to a Chapter 11 bankruptcy proceeding in the United States.
The CBC story said the Canadian court overseeing the process has set an Aug. 31 deadline to receive bids for all or part of the retailer’s assets.
Since the June filing, Sears Canada has begun closing about 59 stores and laying off about 2,900 employees.
Sears Canada operates as a licensee of U.S.-based Sears Holdings, although Sears Holdings owns about 11.7% of Sears Canada stock. Another 45.3% of the stock is owned by an investment fund controlled by Sears Holdings Chairman Edward Lampert.
To read the CBC News story, click here.