Creditors to Sears Canada have set a deadline of Oct. 7 for the retail chain to enter liquidation agreements for all its assets, leaving the company with just days to reach a deal to continue operations, Reuters reported. That tight deadline presents a challenge and could potentially derail negotiations with the executive chairman Brandon Stranzl, who stepped away from day-to-day operations of Sears Canada to come up with a proposal to keep the 65-year-old company running. Stranzl submitted a revised proposal, lawyers for Stranzl said. Stranzl’s bid presents “significant closing risk and uncertain recovery,” FTI consulting the court-appointed monitor said in a report on its website this week. Sears Canada has steadily lost market and struggled to remain relevant to shoppers who have switched to stores that keep up with fast-changing fashion trends. Sears Canada’s sales have fallen every quarter since it was spun off from Sears Holdings in 2012. Sears must agree to liquidate all its assets by Oct. 7 to receive payments from its creditors to ease a growing liquidity crunch, according to the latest amendment to an agreement between the company and its creditors.
