Sears Canada seeks court nod to restructure; to suspend some payments

Sears Canada Inc on Thursday sought court approval for its restructuring efforts, two weeks after the Canadian retailer filed for creditor protection.

The company also said it would suspend payments to its suppliers, landlords and retirement benefits to its employees.

Sears Canada said it also sought court approval for a sale and investment solicitation process.

The company set Oct. 4 as the deadline to obtain court approval of successful bids, while the company's sale and investment solicitation process has an expected completion date of Oct. 25.

Sears Canada sought creditor protection on June 22 after suffering a steady decline in sales due to competition from big-box retailers and online merchants.