(Reuters) - Sears Canada Inc (SRSCQ.PK), which filed for creditor protection in June, said in a staff memo Executive Chairman Brandon Stranzl had stepped away from day-to-day operations to focus on plans for the retailer to continue as a going concern.
Sears Canada was granted court approval last month to proceed with a sale process that would allow it to consider a range of potential deals.
The company intends to submit a bid as part of the sale and investment solicitation process, or SISP, which seeks proposals for the acquisition of, or investment in, the business or assets of a firm under creditor protection.
The deadline for a bid is Aug. 31.
“In light of the approaching bid deadline and focus required to assemble all necessary components of a bid, the board thought it was best for Brandon to focus exclusively on putting the bid together and step away from day-to-day operations of Sears Canada,” the company said in the memo.
Chief Operating Officer Becky Penrice will now lead its executive team, Sears Canada said.
Reporting by Anirban Paul in Bengaluru and Solarina Ho in Toronto; Editing by Savio D'Souza