Sears Canada executive chairman steps down, liquidation expected to start Oct. 19

TORONTO - Sears Canada Inc. says executive chairman Brandon Stranzl has resigned from its board of directors following court approval last week for the retailer to begin its liquidation sales.

The company says his services are no longer required.

Sears Canada has been operating under court protection from creditors since June.

Stranzl had led a group that was interested in buying the retailer and turning its fortunes around.

However, no deal was reached and the company was granted approval last week to begin the process to liquidate all of its inventory and close its doors.

Sears Canada says it expects to start its liquidation sales on Thursday.

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