June 26, 2017 / 10:09 PM / 3 months ago

Sears Canada to delist from Nasdaq

A customers enters the Sears store in North Vancouver, British Columbia February 23, 2011. REUTERS/Andy Clark/File Photo

(This June 26 story was corrected to change to “bankruptcy protection” from “bankruptcy” in paragraph three)

(Reuters) - Sears Canada Inc SCC.TO said on Monday it had received a notice from Nasdaq to delist the company’s shares.

The trading would be suspended on July 3, 2017, unless the company requests an appeal to delist shares, Sears Canada said, adding that it will not appeal the decision.

The Toronto-based retailer, which has been struggling with years of losses and falling sales due to competition from big-box retailers and online merchants, filed for bankruptcy protection last week.

The retailer said last week it plans to cut jobs and close about a quarter of its stores as part of a restructuring approved by an Ontario bankruptcy court.

Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta

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