Sears Canada (TSX:SCC) said it plans to close 59 locations, including two in the National Capital Region, and cut about 2,900 jobs under a court-supervised restructuring after it was granted protec
Sears Canada's stock plunged more than 20 per cent Wednesday following a report that it's preparing to seek court protection from creditors.
Sears Canada, known for its catalogues that were a household staple for generations, says there is "significant doubt" about its future and it could sell or restructure itself.
Department store retailer Sears is planning to spend $2 million on fitting up its new location in the Ikea plaza.