Sears Canada Assessing Revised Bid

Receives creditor protection extension

Shoppers enter a Sears outlet store in Halifax as dozens of Sears stores destined for closure begin liquidation sales. The Canadian Press/Darren Calabrese

TORONTO—Sears Canada has to assess another revised bid from a buyer group led by its executive chairman as its lenders press for liquidation of the embattled retailer that could start as early as mid-October.

Orestes Pasparakis, a lawyer for the insolvent retailer’s court-appointed monitor FTI Consulting Canada, told the court it is assessing a revised bid from a group led by Brandon Stranzl that was submitted on Oct. 3, but Sears Canada is running out of liquidity and time to decide which route to take.