Sears Canada (SRSC) said on Thursday that it has applied to the Ontario Superior Court of Justice to seek protection from its creditors in order to pursue a restructuring of its business.
If granted, Sears Canada says it would like to exit the Companies Creditors Arrangement Act protection as soon as possible in 2017. The company noted its “hard work” to restructure and improve its business, saying its efforts have been reflected in its reported growth in same store sales in the last two quarters.
“The brand reinvention work Sears Canada has begun requires a long-term effort, but the continued liquidity pressures facing the company as well as legacy components of its business are preventing it from making further progress and from re…
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