Sears Canada Inc.’s top executive is making a last-ditch attempt to avoid the company’s liquidation after a court-appointed monitor proposed asset sales that undercut his pending bid to keep some stores in business.
A special committee of the Sears Canada board is weighing whether its executive chairman can keep a slimmed-down version of the retailer alive despite the likely liquidation of some prized locations, according to a person familiar with the matter. Executive Chairman Brandon Stranzl told the special committee in a Tuesday meeting that he would adjust the price on his private-equity backed offer to preserve Sears Canada as a going concern, this person said.
Mr. Stranzl has been racing t…
Read the full article at: http://www.marketwatch.com/story/sears-canada-bankruptcy-deal-may-sink-chairs-bid-2017-10-04