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Sears Canada up for sale

Hoffman Estates, Ill. -- Sears Holdings Corporation said today that it is considering putting part or all of its troubled Canadian business up for sale.

In a statement, the company said it is exploring strategic alternatives for its 51% interest in Sears Canada, including a potential sale of Sears Holdings' interest or Sears Canada as a whole.

Sears Holdings plans to engage an investment banking firm to pursue its options.

Sears Canada's board of directors said they and management will cooperate fully with Sears Holdings in order to bring value to shareholders.

Sears Canada has seen sales fall for six years and has cut over 3,000 jobs and closed stores, including its flagship in Toronto.