Sears cleared to seek a buyer

TORONTO — Sears Canada Inc. has announced that the Sears Canada Group has obtained orders from the Ontario Superior Court of Justice, for its restructuring efforts under the Companies’ Creditors Arrangement Act to extend the stay period provided by the Initial Order to October 4, 2017. Sears has also received approval to launch a Sale and Investment Solicitation Process, whereby the company can seek out proposals for buyers or investors.  The SISP deadline for binding offers from parties interested in pursuing a transaction is August 31, 2017.