Sears Canada creditor process biased toward sale, says former exec

The Canadian Press</span>
Published Monday, October 30, 2017 1:03PM EDT
Last Updated Monday, October 30, 2017 1:16PM EDT

TORONTO - Sears Canada's former executive chairman says his bid to buy the embattled retailer was well-reasoned but the creditor protection process was biased towards liquidation.

Brandon Stranzl says the creditor process which Sears entered in June was structured as a sale rather than a recovery from the beginning.

He adds that after he stepped away from his role to focus on submitting a bid there was no leadership in the room to guide the process towards a solution that would allow Sears to keep its doors open.

Stranzl had been in weeks-long discussions with the embattled retailer to buy it and continue to operate it, but no deal was reached.

Sears Canada began liquidation sales at its roughly 130 remaining stores across the country on Oct. 19.

Stranzl says he is saddened for the thousands of employees who have or will lose their jobs.

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