(Reuters) – Sears Canada Inc (SRSCQ.PK) said late on Friday that it has asked a court to extend creditor protection that expires on Wednesday by another month so it can finish negotiating a deal that would keep the iconic brand running in Canada.
The company, which in 2012 was spun off from U.S. retailer Sears Holdings Corp (SHLD.O), filed for creditor protection in June and laid out a restructuring plan that included cutting 2,900 jobs and closing roughly a quarter of its stores.
The company said late on Friday that it is in negotiations with its executive chairman Brandon Stranzl, who submitted a conditional bid on Aug. 31 that he amended last week.
The statement did not identify any other bidders.
Sears Canada also said it will ask the court to approve deals to sell assets from its trucking firm, S.L.H. Transport Inc, and home improvement units that provide duct cleaning, oil, and heating and cooling services.
The statement did not identify financial terms of the potential deals, which it said it hopes the Ontario Superior Court of Justice will approve on Wednesday.
Reporting by Jim Finkle in Toronto and Ahmed Farhatha in Bengaluru; Editing by Chizu Nomiyama
We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.
Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at email@example.com
Follow us on twitter @newsbeatportal
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535
Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.