Sears Canada said today that there is “significant doubt” about its future and it could sell or restructure itself.
Its shares tanked, down 22 per cent to 89 cents in midday trading on the Toronto Stock Exchange.
Sears Canada’s announcement came as it reported a first-quarter loss of $144.4 million, more than double what it was a year ago. Its revenue slipped by about $90 million to $505.5 million, a decline of 15.2 per cent.
Sears Canada has 94 department stores, 23 Sears Home stores and 10 outlets.
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