Sears Canada said on Thursday it obtained court protection against creditors to proceed with a restructuring that will include store closures and layoffs as it seeks to recover from years of declining sales.
The Canadian company, which was spun off from U.S. department-store pioneer Sears Holdings in 2012, said it planned to close 59 of its 225 stores and cut 2,900 of its approximately 17,000 workers.
Existing lenders have agreed to provide up to C$450 million, or $340 million, in interim financing to help the company, controlled by billionaire hedge fund investor Eddie Lampert, and reinvent itself as an appar…
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