The executive chairman of Sears Canada has stepped back from his job to focus on saving the struggling retailer, according to a report in the Toronto Star.
Citing an internal company memo that was sent to all Sears staff members, officials with the retailer wrote in part, “the board (of directors) thought it was best for (executive chairman) Brandon (Stranzl) to focus exclusively on putting the bid together and step away from the day-to-day operations of Sears Canada.”
Stranzl is said to be working on developing a bid to keep Sears Canada, currently under creditor protection, to stay open. The deadline is August 31. Becky Penrice, evp/COO, will now lead the company’s executive team.
Sears Canada is currently in the process of closing 59 stores and cutting 2,900 jobs. In June, the retailer filed for bankruptcy protection.