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UPDATE 2-Sears Canada says it seeks creditor protection to pursue restructuring

restructuring@ (Adds details from Sears Canada on plans to seek creditors protection)

TORONTO, June 22 (Reuters) - Sears Canada Inc said on Thursday that it had filed for court protection against creditors as the retailer controlled by billionaire Eddie Lampert pursues a plan to restructure its operations.

Sears Canada said in a statement that it was seeking protection so it could concentrate on a long-term effort to focus on selling discounted designer labels and low-priced apparel under the Sears brand.

"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," the company said.

Sears Canada is valued at about C$64 million ($48 million), a far cry from the C$1.18 billion valuation it had when it was partially spun off from U.S. retailer Sears Holdings Corp in November 2012.

($1 = 1.3301 Canadian dollars) (Reporting by Jim Finkle in Toronto and Yashaswini Swamynathan in Bengaluru; Editing by Sai Sachin Ravikumar and Denny Thomas)