Sears Canada Inc. said Thursday that it has applied to the Ontario Superior Court of Justice for creditor protection as it pursues a corporate restructuring. Over the past 18 months, the company has rebuilt its technology platform, revamped its assortment, and rebooted its branding and customer service, the company said. If the creditor protection is granted, Sears Canada says it would like to exit “as soon as possible in 2017.” Sears Canada shares are halted in premarket trading, and are down 84.6% for the last year. Sears Holdings Corp. owns an 11.7% stake in Sears Canada, according to FactSet. Sears Holdings shares are unchanged in premarket trading, and down 53.1% for the past 12 months. The S&P 500 index is up 16.8% for the past year.
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