Sears Canada Inc. and related entities (“Sears”) was Canada’s largest department store retailer at the time of its filing. Sears commenced restructuring proceedings pursuant to the CCAA. Sears conducted a sale process, which resulted in the liquidation of Sears’ inventory and the sale of several real estate properties and other assets.
We acted as the financial advisor to Sears’ Board of Directors and Special Committee. In performing our mandate, we:
- assisted the Special Committee to consider going-concern and liquidation opportunities for the Sears business (the process drew significant media scrutiny);
- played a key role in the realization requiring Sears’ investment banker to negotiate certain significant transactions – this was instrumental in creating additional value for stakeholders;
- assisted to generate stakeholder consensus for various transactions, which was facilitated by our reputation among constituents for even-handedness and independence;
- considered value maximizing opportunities for Sears and how those opportunities affected stakeholders, including employees, vendors and landlords; and
- considered issues that could attract liability for the Board of Directors and the Special Committee.