Sears Canada could survive bankruptcybut with only a fraction of its locations intact.
Former Sears Canada executive chairman Brandon Stranzl, who stepped down from his position last month to pursue a deal for the retail chain, has reportedly garnered interest from a private equity firm for a buyout.
Referencing unnamed sources, The Wall Street Journal reports Stranzl has put together a deal worth 650 million Canadian dollars ($533 million) that would rescue the company from full liquidation. Stranzl would fund the deal through private equity backing by Vadim Perelman and debt financing.
However, the offer wouldnt be enough to rescue the whole chain, which filed for Canadas version of bankruptcy protection in June. Stranzls …
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