Creditor group wants to sue Sears executives, board
TORONTO — A group of aggrieved creditors wants to sue the executive officers and directors of Sears Canada for negligence and intends to ask an Ontario judge Friday to schedule a hearing for their motion on whether they can proceed with their claim.
A number of suppliers and construction companies collectively owed millions by the struggling retailer want to make a legal motion to lift the court-ordered stay that protects Sears Canada from paying its creditors during the bankruptcy protection process, in order to allow the companies to pursue a claim of “negligent misrepresentation and oppression” against Sears brass.
The news, contained in a report from Sears Canada’s court-appointed monitor, came on the heels of executive chair Brandon Stranzl’s taking a leave from Sears Canada on Wednesday in order to focus on making his own bid for the ailing retailer.
