Aug 16 (Reuters) - Sears Canada Inc SRSCQ.PK , which filed for creditor protection in June, said in a staff memo Executive Chairman Brandon Stranzl had stepped away from day-to-day operations to focus on plans for the retailer to continue as a going concern.
Sears Canada was granted court approval last month to proceed with a sale process that would allow it to consider a range of potential deals. company intends to submit a bid as part of the sale and investment solicitation process, or SISP, which seeks proposals for the acquisition of, or investment in, the business or assets of a firm under creditor protection.
The deadline for a bid is Aug. 31.
"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 company said in the memo.
Chief Operating Officer Becky Penrice will now lead its executive team, Sears Canada said.