TORONTO -- Sears Canada said Thursday it has obtained court protection from its creditors in order to restructure its business.

The company also announced that it will be closing 59 stores and cutting 2,900 jobs.

The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are shirking bricks-and-mortar in favour of online shopping.

It has also gone through several leadership changes in recent years.

The company, which was founded as a mail-order business in 1952, warned just last week there was "significant doubt" about its future and that it could be sold or restructured.

Sears is seeking protection under the Companies' Creditors Arrangement Act, a federal law that gives businesses a chance to operate under court supervision while working out a plan with bond holders, landlords, suppliers and other creditors.

"The brand reinvention work Sears Canada has begun requires a long-term effort," Sears Canada said in a statement Thursday.

"But the continued liquidity pressures facing the company as well as legacy components of its business are preventing it from making further progress and from restructuring its legacy assets and businesses outside of a CCAA proceeding."

Sears Canada said if the Ontario Superior Court of Justice grants it creditor protection, it will try to complete its restructuring and aim to exit protection as soon as possible this year.

Its announcement didn't elaborate on what it expects to do to restructure its business.

Headquartered in Toronto, Sears Canada has 94 department stores, 23 Sears Home stores and 10 outlets.

Here is a full list of the 39 planned store closures:

Sears Full-Line:

Medicine Hat, Alta.

Grande Prairie, Alta.

Lloydminster, Alta.

Red Deer Relocation., Alta.

Kamloops Aberdeen Mall, B.C.

Bathurst, N.B.

Saint John, N.B.

Corner Brook, Nfld.

Truro Mall, N.S.

Dartmouth, N.S.

Brockville, Ont.

Sault Ste. Marie, Ont.

Hull, Que.

Chicoutimi, Que.

St. Georges de Beauce, Que.

Alma, Que.

Drummondville, Que.

Regina, Sask.

Moose Jaw, Sask.

Prince Albert, Sask.

Hometown:

Cold Lake, Alta.

St. Albert, Alta.

Okotoks, Alta.

Spruce Grove, Alta.

Ft. McMurray, Alta.

Leduc, Alta.

Sherwood Park, Alta.

Creston, B.C.

Sechelt, B.C.

Grand Forks, B.C.

Orangeville, Ont.

Rimouski, Que.

Rouyn-Noranda, Que.

Melville, Sask.

Outlet:

Abbotsford Retail, B.C.

Winnipeg Garden City, M.B.

Halifax Outlet, N.S.

Cornwall, Ont.

Chatham, Ont.

Cambridge, Ont.

Timmins, Ont.

St. Eustache, Que.

Montreal Place Vertu, Que.

Sorel, Que.

Sears Home:

Calgary, Alta.

Edmonton Skyview, Alta.

Ancaster, Ont.

Woodbridge, Ont.

London, Ont.

Scarborough, Ont.

Kingston, Ont.

Ottawa East, Ont.

Sudbury, Ont.

Windsor, Ont.

Orillia, Ont.

St. Bruno, Que.

Laval, Que.

Quebec City, Que.

Ste. Foy, Que.

Correction: A previous version of this story miscalculated the number of planned store closures. BNN apologizes for the error.