Deals
Sears Canada, Low on Cash, Seeks Protection From Creditors
- Retailer confronts e-commerce erosion of customers and sales
- Company hopes to complete reorganization as soon as this year
Sears Canada Said to Near Creditor Protection
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Sears Canada Inc., the struggling offshoot of Sears Holdings Corp., filed for protection from creditors Thursday after running short on shoppers and cash.
The retailer is aiming to cut its debt load and get through court proceedings as soon as possible this year, Sears Canada said in a statement Thursday. The Ontario Superior Court of Justice granted an order under the Companies’ Creditors Arrangement Act, known as the CCAA, which allows the company to stay in business while a recovery plan is worked out, according to a separate statement.