TORONTO Sears Canada Inc. said on Thursday it plans to cut jobs and close stores as it restructures its operations, following years of declining sales as it has lost customers to big-box retailers, more nimble apparel companies and online merchants.
The Canadian company, which was spun off from U.S. department-store pioneer Sears Holdings Corp. in 2012, said it planned to close 59 of its 225 stores and cut 2,900 of its approximately 17,000 workers as part of a restructuring that was approved by an Ontario bankruptcy court on Thursday.
Existing lenders have agreed to provide up…
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