Sears Canada's business is about to collapse, reports say

Sears Canada is preparing to seek court protection against creditors in a move that will likely lead to a liquidation, according to reports by Bloomberg and Reuters.
Sears Canada did not immediately respond to a request for comment.
The company was spun off in 2012 from Sears Holdings, which owns Sears' US business.
Sears Holdings still holds 12% of the Canadian business's stock. Billionaire Eddie Lampert, the CEO of Sears Holdings, owns 45% of Sears Canada's shares.
Sears Canada