Sears Abbotsford, Kamloops closing as retailer obtains bankruptcy protection

Sears announced today (Thurs., June 22, 2017) it has sought creditor protection and is closing 59 Canadian locations in an attempt to restructure and avoid bankruptcy.

Sears Canada Inc. has obtained $450 million in debtor-in-possession financing from the Ontario Court of Justice under the Companies’ Creditors Arrangement Act (CCAA) to maintain operations. The company will have an initial 30-day period to restructure.

The announcement comes two week after Sears’ reported a $144-million quarterly net loss.

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Categorized in: Western Investor