TravelBrands Signs New Deal With Sears Travel

Open Jaw

There are few details at this time, but TravelBrands is informing trade partners that it has reached a new agreement with Sears Travel.

The company, comprised of ten tour operator wholesale and five retail travel brands, sought protection Companies' Creditors Arrangement Act (CCAA) on 27MAY. Its deal with Sears Travel, as well as the expensive lease on a downtown Toronto office building were cited as two of the major factors behind the company seeking protection.

 TravelBrands recently obtained an extension of the stay of proceedings, granted by the Ontario Superior court of Justice, to 17AUG, 2015.

 

At the time, CEO Frank DeMarinis said: "We continue to make excellent progress towards our desired outcome for this restructuring process, while ensuring that our efforts in no way impact our valued wholesale and retail customers.

 

KPMG is the court-appointed monitor. Word is that it will issue a new report on the company’s situation within a few days.



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