TORONTO — Sears Canada’s former executive chairman says his plan to turn around 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 rehabilitation from the beginning. 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. “It has left a very large hole and wound in my own heart, and I feel very deeply for these people,” he said.

Source: National Post October 30, 2017 16:56 UTC