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TORONTO — Sears Canada could begin a full liquidation of the business as soon as Oct. 19 as the clock runs down on an offer from executive chairman Brandon Stranzl.

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.

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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. 13 to approve a liquidation of Sears’ remaining assets. The process to then liquidate locations could start as soon as Oct. 19, with a possible extension to Oct. 26, according to court papers.

“The Stranzl bid may not be executable,” Sears’ lawyer Jeremy Dacks of Osler, Hoskin & Harcourt LLP, told Hainey in a court hearing Wednesday.

“We have a very short fuse on a potential liquidation of the company.”