Sears Canada's former executive chairman defended his plan to turn around the embattled retailer, and said his bid to buy the company and save it from liquidation was hampered by a creditor protection process biased towards liquidation. Brandon Stranzl, former CEO of Sears Canada, speaks to media regarding an Ontario court decision to grant the liquidation of the remaining Sears Canada stores across the country in Toronto on Monday Oct. 30, 2017. (Frank Gunn/Canadian Press)Sears Canada began liquidation sales at its roughly 130 remaining stores across the country on Oct. 19. Stranzl's comments on Monday also came after Eddie Lampert, the chairman and chief executive of Sears Holding Corp., blamed Sears Canada for exacerbating its problems before it filed for creditor protection. He added that ESL was not informed in advance that Sears Canada was seeking protection under the Companies' Creditors Arrangement Act, and was "extremely unhappy" with the decision.

Source: CBC News October 30, 2017 17:04 UTC