TORONTO — The court-appointed monitor for Sears Canada is warning that its available funds are running low and there may not be enough time to reach an acceptable deal with a buyer group headed by its executive chairman, Brandon Stranzl.In its third report to Ontario Superior Court, the monitor says Sears Canada is losing money on a weekly basis but will have enough liquidity to fund operations to Nov. 7 — subject to agreement of its restructuring lenders.It says the Stranzl group’s initial proposal to buy the business as a going concern would provide unsecured creditors with less than would sales of the Sears Canada assets piece by piece and liquidation of its remaining inventory.The report, dated Oct. 2, says a lawyer for the Stranzl group has indicated that a revised proposal will be submitted.It also says an extension of court protection until Nov. 7 would provide Sears Canada with more time to decide which major steps to take. The current court protection ends Wednesday.“The Stranzl Group Proposal as currently presented may not be executable within the timeline and liquidity available to (Sears Canada),” the report says.The monitor supports the company’s request for permission to sell some business assets — notably the Corbeil franchise chain, the SLH Transport operation and the Viking appliance brand.“The transactions for which the Applicants seek approval at this time are the highest and best offers obtained for each of the subject assets. The monitor supports the Applicants requests for approval of these transactions,” the report says.It said that Sears Canada isn’t yet asking for permission to begin a second round of store inventory liquidations, as announced last week, but added that it expects the company would return to the court “in the coming days” if a “going-concern” transaction can no longer be pursued.“The monitor, the applicants and their advisors are cognisant of the fact that liquidation sales in the retail industry yield better results if they are completed before and during the lead up to the December holiday season, which also impacts recovery to stakeholders,” the report says.
This year, Brock University will once again commemorate the its namesake Maj.-Gen. Sir Isaac Brock, during the 2015 General Brock’s October Soirée.In 2008, the event was founded by David S. Howes to support student initiatives, scholarships and the students and faculty of the Marilyn I. Walker School of Fine and Performing Arts. To date the event has raised more than $400,000.Howes was a well-known community supporter, and guided Brock through an era of major growth. He spent 12 years serving on the Board of Trustees, and his personal support helped create, expand or improve facilities and events that enriched the student experience.John Suk, Chair of Brock’s Board of Trustees, said Howes put his permanent stamp on the University.“Dave was an inspiration whose values every one of us should follow,” said Suk. “In so many ways that most people never saw, he was a relentless advocate and leader for this institution.”With the continued support from the community, students performing at the 2015 General Brock October Soirée have been rehearsing in the recently opened MIWSFPA. The event is a modern celebration interwoven with themes from the War of 1812.WHEN: Saturday, Oct. 24. Cocktails and Au Marche first course at 6 p.m., dinner and entertainment at 7:30 p.m.WHERE: Guernsey Market Hall, Brock UniversityHOW: Tickets are $225 each; tables seat up to eight guestsFor tickets or more information about the 2015 General Brock October Soirée please visit brocku.ca/soiree. We thank all of our community supporters and sponsors of the 2015 General Brock’s October Soirée:20 VicAirbus HelicoptersBBBloomsBest Displays and GraphicsBird’s Moving and Storage Ltd.Canadian Tire Bank GroupConstellation BrandsDan Nel Coach Lines Company LimitedDeloitte KitchenerDurward Jones Barkwell & Company LLPGatsby Valet Inc.Greater Niagara Chamber of CommerceHenry of PelhamLincoln Fabrics LimitedMeridian Credit UnionModern CorporationNiagara AV SystemsRBC Wealth ManagementRankin Construction Inc.ScotiabankSullivan Mahoney LLPThe Wilson FoundationWalker Industries Holdings LimitedWhiting Equipment Canada Inc.
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