Sears Canada said Thursday it is seeking court protection from its creditors in order to restructure its business.
The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are shirking bricks-and-mortar in favour of online shopping.
It has also gone through several leadership changes in recent years.
The company, which was founded as a mail-order business in 1952, warned just last week there was significant doubt about its future and that it could be sold or restructured.
Sears is seeking protection under the Companies Creditors Arrangement Act, a federal law that gives businesses a chan…
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