TORONTO — Sears Canada will seek an Ontario court’s permission to sell several operations, including 11 of its leased stores and a distribution centre. At the same time, it is seeking to extend its credit protection period to November 7 in order to give its executive chairman more time to solidify his takeover bid. The insolvent company is looking to sell its Viking brand to Canadian Tire Corp. and the lease of its Calgary fulfillment centre to Indigo.
The move does little to increase confidence in the company’s viability, as the sale of assets like Viking, which were key to Chairman Brandon Stranzl’s bid, makes for a less attractive deal. “It’s like the bones are being picked,” a source told the Globe & Mail. “They’re selling every little thing off—a distribution centre, trademarks, leases. It all sounds like a liquidation to me.”
