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Stranzl, who made his latest revised bid for the company on Tuesday night, is the only potential buyer of the distressed retailer’s assets who wants to run the retailer as a going concern.
But it appears he has little time left to strike a bid with Sears and its advisors, as the lenders who have kept the money-losing business afloat since June will ask Ontario Superior Court judge Glenn Hainey on Oct.
Gander Mountain, a popular gun and hunting store, announced it is going out of business and liquidating all of its stores nationwide.
The company filed for bankruptcy in March, and announced at the time it would close 32 under-performing stores, including a location in south Charlotte.
The future of Sears Canada has been uncertain since June, when the Toronto-based retailer filed for bankruptcy protection through the Companies Creditors’ Arrangement Act, announcing the closure of 59 stores and the layoffs off 2,900 employees.
It came after years of dwindling sales and efforts by Stranzl to turn around the company over the prior 18 months with the help of a fresh logo, renovated stores, a revamped website and IT platform and a new off-price section of the business that would compete with the discounts offered by merchants such as Winners.
Until the issue is resolved, Ursel requested that no further default payments be made to the DIP lenders without a court order.
Those lenders are advocating for a liquidation to start well before Christmas in order to capitalize on the busiest retail season of the year.“With the holiday season approaching, the company needs to pick a path,” said Orestes Pasparakis of Norton Rose Fulbright, the lawyer for FTI Consulting.
25 deadline, and the failure to commence closing sales for stores not included in the successful bids by Sept. Susan Ursel, a lawyer representing the concerns of about 3,600 former Sears employees and 14,000 active employees, said her clients are supportive of continued going-concern discussions with Stranzl.
Stranzl’s earlier bids were deemed conditional in a number of respects, the monitor said in its report this week.
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(NYRT) (the "Company" or "NYRT"), which is liquidating and winding down pursuant to a plan of liquidation, today clarified the date on which the Company's common stock, par value Investors should note that the ex-dividend date is set by the NYSE.