TORONTO—Sears Canada Inc. on Wednesday said its board intends to cooperate with Sears Holding Corp. as the US-based holding company explores its options for the Canadian retailer. Sears Holdings is weighing a potential sale of its 51% interest in Sears Canada, or an outright sale of the company, and will hire an investment banking firm to advise it.

The move comes amid Hoffman Estates, IL-based SHLD’s ongoing attempts to turn its fortunes around amid declining sales. This past November, the New York Post reported that SHLD CEO Eddie Lampert was weighing a sale of some or all of Sears Canada, a report the company denied at the time.

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