September 26, 2014 / 5:44 PM / in 3 years

BUZZ-Sears Canada Inc: Newspaper says co exploring bankruptcy protection

(Adds Sears Canada statement, Updates shares movement)

** Struggling department store chain’s shares down 14.27 pct at C$10.93

** Cash-strapped company has begun to reach out to top law firms in Canada as it weighs a potential Chapter 11 filing, New York post said on Friday (bit.ly/1vllndg)

** Company spokesman Vince Power says no truth to the story, notes company has cash and no debt

** The company is majority-owned by Sears Holdings Corp

** Sears Canada said on Thursday that CEO Douglas Campbell would resign by the end of 2014, after about a year in the post

** Company’s revenue has declined for six straight years. It reported its ninth loss in 14 quarters last month

** Sears Canada’s shares, which touched a more than eight-month low earlier in the day, are headed for their biggest single-day loss in percentage terms since December

** The stock is among the top 5 biggest losers on the Toronto Stock Exchange

** Up to Thursday’s close, the shares had fallen 19 pct since May 14, when hedge fund billionaire Eddie Lampert’s Sears Holdings said it was looking to sell its 51 percent stake in the company

** Sears Holdings shares were down 4 pct at $24.64

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