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CORRECTED-Sears Canada to delist from Nasdaq

Published 2017-06-27, 02:39 p/m
Updated 2017-06-27, 02:39 p/m
© Reuters.  CORRECTED-Sears Canada to delist from Nasdaq

© Reuters. CORRECTED-Sears Canada to delist from Nasdaq

(Corrects paragraph 3 to "bankruptcy protection" from "bankruptcy")

June 26 (Reuters) - Sears Canada Inc SCC.TO said on Monday it had received a notice from Nasdaq to delist the company's shares.

The trading would be suspended on July 3, 2017, unless the company requests an appeal to delist shares, Sears Canada said, adding that it will not appeal the decision. Toronto-based retailer, which has been struggling with years of losses and falling sales due to competition from big-box retailers and online merchants, filed for bankruptcy protection last week.

The retailer said last week it plans to cut jobs and close about a quarter of its stores as part of a restructuring approved by an Ontario bankruptcy court.

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