Shares in Sears Canada were halted Thursday morning after the retailer said it is seeking court protection from its creditors while it restructures itself.
The company has asked the Ontario Superior Court for protection under the Companies’ Creditors Arrangement Act the law that covers insolvency proceedings.
The move allows the retailer a little more time to restructure itself, and if granted would block people and businesses that are owed money by the department store chain from moving in and seizing assets.
But the plan isn’t to close down entirely.
“If granted, the Sears Canada Group will work to complete its restructuring in a timely fashion and hopes to exit CCAA protection as soon as possible in 2017, better p…
Read the full article at: http://www.cbc.ca/news/business/sears-canada-ccaa-1.4172736