Retail’s bloodbath has spread north of the border.
Sears Canada announced on Thursday it has entered bankruptcy protection in the Great White North and will close 59 stores and slash nearly 3,000 jobs while it tries to get back on its back after a years-long slump.
The retailer, which was spun off from Sears Holdings (shld, +5.75%) in 2012, won protection from creditors under Canada’s equivalent to a Chapter 11 knowns as “Companies’ Creditors Arrangement Act” and said it plans to exit bankruptcy “protection as soon as possible in 2017, better positioned” to executive a turnaround.
Sears Canada, which is independent of its U.S. namesake, will close 20 of its 94 full-service locations, 15 home stores, 10 outlet stores and 14 hometown locations and will cut 2,900 positions across its store fleet and at its Toronto headquarters.
The spin off in 2012 was one move…