Canadian Retailer Lands In Bankruptcy

One of Canada’s best-known retailers, the 128-year-old Eaton’s department store chain, was granted bankruptcy court protection from its creditors Thursday while it restructures its operations and closes some of its 87 stores.

The revelation of problems at the privately held company, which keeps its financial information secret, came as a surprise and was the leading item on national newscasts.

The court protection is a “temporary measure” to give the company time to improve its finances while remaining in business, said George Eaton, president of the T. Eaton Company Ltd.