Sears Canada Plunges After It's Said to Near Creditor Protection
- Court filing expected to result in liquidation of retailer
- Company voiced ‘significant doubt’ about its future this month
Sears Canada Said to Near Creditor Protection
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Sears Canada Inc., the struggling offshoot of Sears Holdings Corp., tumbled as much as 30 percent after people familiar with the matter said it was preparing to seek court protection from creditors.
The court filing will likely lead to a liquidation, with the business sold off in pieces, said one of the people, who asked not to be identified because the deliberations are private. The company’s most valuable assets are real estate, but many of its locations are in lower-end shopping centers. That makes it difficult to sell them to a single buyer, the person said.