Sears Canada plunges after voicing doubts about future
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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.
