Sears Canada is in trouble.

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Sears Canada filed for court protection against creditors on Thursday.

The company said it has made progress toward reinventing its brand, but is running out of cash and needs more time to turn business around.

“The brand reinvention work Sears Canada has begun requires a long-term effort, but the continued liquidity pressures facing the company as well as legacy components of its business are preventing it from making further progress and from restructuring its legacy assets and businesses outside of a CCAA proceeding,” the company said in a statement.

Sears Canada said it planned to remain in business after restructuring….