October 4, 2017 / 8:24 PM / 4 months ago

Sears Canada wins court nod to extend credit protection to November 7

TORONTO (Reuters) - Sears Canada won court approval to extend creditor protection until Nov. 7, the Ontario Superior Court of Justice ruled on Wednesday.

    The ruling gives the 65 year-old retail chain more time to consider whether to liquidate all its assets or pursue a deal to stay in business.

    The company, which in 2012 was spun off from U.S. retailer Sears Holdings Corp (SHLD.O), filed for creditor protection in June and laid out a restructuring plan that included cutting 2,900 jobs and closing roughly a quarter of its stores. .

    Reporting By Nichola Saminather; editing by Diane Craft

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