(Updates with liquidation deadline, context throughout)
By Nichola Saminather
TORONTO, Oct 4 (Reuters) – Sears Canada on Wednesday won court approval to extend credit protection by a month to Nov. 7, but its creditors set a deadline of this week to liquidate the retailers assets, leaving the company with mere days to decide its fate.
While the extension of creditor protection will keep its lenders at bay a bit longer, the new liquidation deadline means a deal with Executive Chairman Brandon Stranzl that would allow it to remain in business would still need to be reached by Saturday, Oct. 7.
Stranzl, who stepped away from Sears Canadas day-to-day operations to keep the 65-year-old company running, made a revised bid on Tuesday, his legal …
Read the full article at: https://www.reuters.com/article/sears-canada-hearing/update-1-sears-canada-lenders-seek-liquidation-despite-extended-protection-idUSL2N1MF22C