Sears Canada to close 59 stores and cut 2,900 jobs.

Sears Canada Inc.plans to close 59 locations and cut approximately 2,900 jobs as part of its plan to restructure its business under court protection from creditors.

The struggling retailer says it will close 20 full-line locations, plus 15 Sears Home stores, 10 Sears Outlet stores and 14 Sears Hometown locations.

The company was granted an initial order from the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act today.