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Sears Canada wins court nod to extend credit protection to November 7

Reuters
A customers enters the Sears store in North Vancouver, British Columbia February 23, 2011. REUTERS/Andy Clark/File Photo

TORONTO (Reuters) - Sears Canada won court approval to extend creditor protection until Nov. 7, the Ontario Superior Court of Justice ruled on Wednesday.

The ruling gives the 65 year-old retail chain more time to consider whether to liquidate all its assets or pursue a deal to stay in business.

The company, which in 2012 was spun off from U.S. retailer Sears Holdings Corp (NasdaqGS:SHLD - News), filed for creditor protection in June and laid out a restructuring plan that included cutting 2,900 jobs and closing roughly a quarter of its stores. .

(Reporting By Nichola Saminather; editing by Diane Craft)