Earlier this year, Sears Canada Inc. and its affiliated companies obtained insolvency protection under the Companies’ Creditors Arrangement Act (CCAA). On October 11th, 2017, Sears Canada announced their plan to file for liquidation.
Blaneys insolvency partner Lou Brzezinski, along with his associate Alexandra Teodorescu, are assembling a creditor’s committee for those with a stake in Sears Canada’s ongoing restructuring and liquidation proceedings. Lou and Alexandra achieved significant success for suppliers during the Target Canada CCAA as a result of Target creditors joining together and collectively retaining Blaney McMurtry LLP, and are poised and ready to do the same in light of the Sears Canada restructuring.
The media in Canada has shown tremendous interest in following this significant event in Canadian retail history, and Lou has been a key source for many outlets during this time helping shed light on a confusing process. He is a frequent authority on the topic for The Globe and Mail, first alerting the public to warning signs of Sears Canada filing for restructuring (‘Sears Canada raises ‘significant doubt’ about its future’); commenting on the value of Sears Canada’s brand and trademarks (Sears Canada seeks reinvention as it falls to insolvency); and most recently, shedding light on the consequences of a management bid and encouraging transparency for all involved in ‘Sears Canada's sale process sparks conflict-of-interest concerns’. Lou also sat down with iHeartRadio Newstalk 610 CKTB host Larry Fedoruk to discuss the Sears Canada liquidation, asset allocation, and parallels to the Target Canada CCAA.
For more information or to join the Sears Canada creditor’s committee, visit the ‘Blaneys on Sears CCAA’ website here.