Sears Canada hopes for swift exit from court-supervised restructuring

Sears Canada says it hopes to exit a court-supervised restructuring as soon as possible this year.

The beleaguered retailer announced on Thursday that it will close 59 stores and cut approximately 2,900 jobs across the country.

The announcement came after the Ontario Superior Court of Justice granted the department store chain temporary protection from creditors.

The company says it plans to continue operating throughout the restructuring, and it intends to emerge leaner and more competitive.