Sears Canada has filed for bankruptcy protection, according to a company report released Thursday.
Over the past 18 months, Sears has taken on restructuring initiatives, including developing technology systems, redefining its brand positioning and updating its product assortment, according to the company.
As a result of these changes, same-store sales increased in the prior two financial quarters, the retailer reports. However, without bankruptcy protection, Sears Canada will be unable to continue its restructuring program, according to the company.
