Bloomberg and Reuters are among the financial publications that are reporting Sears Canada will be seeking legal protection in the courts from its creditors.
Sears has said it doesn’t think there will be enough money over the next year to cover its financial obligations.
According to the reports, the court filing is expected to result in liquidation with the sale of the company in pieces.
It’s also reported Sears has lost $528 million over the past three years with sales declining since 2012 and the value shares in the stock market have dropped.
