Sears Canada chairman to make bid for troubled chain

There's a new person running things at Sears Canada.



Brandon Stranzl, executive chairman of Sears Canada has been removed from his day-to-day responsibilities of running the company in order to work on a management bid for the retailer, the Globe & Mail reported. Sears COO Becky Penrice is now leading the chain's executive team.



The report cited an internal memo regarding Stranzl that said "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 report said that Stranzi wants to keep Sears operating as a going concern.



In June, Sears filed for protection from its creditors and announced it would be restructuring under Canada's Companies' Creditors Arrangement Act.



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