Sears Canada shares plunge on report that it’s preparing to seek court protection
TORONTO – Sears Canada’s stock has plunged this morning following a news report that it’s preparing to seek bankruptcy protection within weeks.
The shares (TSX:SCC) fell 25 per cent to 60 cents on the Toronto Stock Exchange shortly after the open Wednesday.
The stock had already declined from $1.14 on June 12, prior to a company warning that there was “significant doubt” about its future and that it could be sold or restructured.
Sears Canada didn’t immediately comment on the article by Bloomberg that says the national retailer is preparing for a court filing or liquidation.