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Press release from CNW Group

Sears Canada Announces Return of the Sears Deerfoot Store to Landlord

Wednesday, July 18, 2012

Sears Canada Announces Return of the Sears Deerfoot Store to Landlord08:01 EDT Wednesday, July 18, 2012Sears Canada will offer roles within Sears to AssociatesTORONTO, July 18, 2012 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today that it will return to commercial real estate developer and landlord, Shape Properties (Deerfoot) Corp. and Deerfoot Equities Inc., the Sears store at Deerfoot Mall in Calgary for financial consideration. The agreement is definitive and only subject to customary closing conditions. The transaction is expected to close on or around October 26, 2012 and Sears plans to exit the location by October 31, 2012.Sears Canada will be offering all associates working in our Sears Deerfoot store continued employment with Sears. The Company implemented this for the associates working in the three stores it previously announced it was vacating, and will be showing the same level of commitment to their Deerfoot associates.Sears has operated the Deerfoot store in Calgary as a full-line store since 2008. Prior to 2008, the location was a Sears Outlet store. The lease for this location expires next year and Sears was reviewing its options on whether or not to renew. This agreement allows Sears Canada to exit this location early and receive financial consideration to do so."This is a favourable transaction for Sears Canada," said Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc. "While we had no additional plans to close stores, this agreement provides us with the ability to focus on areas in which we can improve and grow. In the past few months we have made significant investments to make sure we're operating in the formats where we trade most effectively. We have recently unveiled four refreshed stores, expanded the Corbeil appliance format into the Greater Toronto Area, and opened our new 78,000 square foot Pinecrest Sears Home store in Ottawa. In addition, we have introduced a new Customer Service renewal program and our quarterly LOOK! report showcasing seasonal trends."I am pleased to say that we will offer all associates in Sears Deerfoot roles within the Company," continued Mr. McDonald. "We have associates working for Sears in communities across Canada and we want them to know we appreciate their dedication."Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 285 hometown dealer stores, 30 home services showrooms, over 1,700 catalogue merchandise pick-up locations, 108 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.For further information: Contact for Media: Alicia Richler Sears Canada, Corporate Communications 416-941-4423 arichle@sears.ca