Sears Canada plunges after voicing doubts about future

Toronto

SEARS Canada Inc suffered its worst stock decline ever after acknowledging "significant doubt" about its ability to keep operating, leading the troubled department store chain to consider a sale or restructuring.

Based on management's current outlook, cash flow won't be enough to meet obligations over the next year, the Toronto-based chain said on Tuesday. As it evaluates options, including a possible sale, the retailer has hired BMO Capital Markets as a financial adviser and brought on Osler, Hoskin & Harcourt LLP for legal help.