Sears Canada executive chairman steps down to make bid for retailer

The Canadian Press</span>
Published Wednesday, August 16, 2017 3:54PM EDT
Last Updated Wednesday, August 16, 2017 4:22PM EDT

TORONTO - Sears Canada executive chairman Brandon Stranzl is stepping away from his role to launch a bid for the retailer, which is restructuring under court protection from creditors.

A memo to staff says the goal is to create a path for the company to emerge from creditor protection.

The deadline to submit bids for the retailer under its court-supervised restructuring is the end of August.

The memo says the board thought it would be best for Stranzl to focus on the plan over the next few weeks, rather than the daily operations of the company.

Sear Canada's chief operating officer, Becky Penrice, is taking over his duties.

The retailer filed for court protection from creditors under the Companies Creditors' Arrangement Act in June.

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