Advertisement

Sears Canada stocks delisted from Toronto Stock Exchange

This Saturday, March 25, 2017, file photo, shows a Sears cart in a parking lot in Schaumburg, Illinois.
This Saturday, March 25, 2017, file photo, shows a Sears cart in a parking lot in Schaumburg, Illinois. (AP Photo/Nam Y. Huh, File)

Sears Canada says their stocks will be delisted on the Toronto Stock Exchange as of July 28, the company announced Friday.

Officials with Sears say they will not fight the decision, which was made by the Continued Listings Committee of the TSX.

Shares remain suspended from trading.

On June 22, the retailer announced it is seeking court protection from its creditors, planning to lay off 17 per cent of its 17,000 employees and closing 59 locations as a result of years of dwindling sales.

READ MORE: 2,900 Sears Canada employees won’t receive severance after layoff

The company plans to continue operating while it restructures and said it intends to emerge as a leaner, more focused operation.

Story continues below advertisement

*more to come

*with files from Katie Dangerfield 

 

 

Sponsored content