Sears continues Canadian divestment

TORONTO — Sears Canada announced that it has filed a preliminary prospectus with the Ontario Securities Commission and a statement with the United States Securities and Exchange Commission in connection with its previously announced rights offering of up to 40,000,000 common shares of the company. Sears’ statement, filed with SEC with respect to the common shares, has not yet become effective. The banner’s U.S. parent announced last week that it would relinquish majority control over its Canadian operations. Meanwhile, Sears Canada has also decided to sell off its Montreal distribution warehouse.