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Press release from CNW Group

Sears Canada Announces Sale of its Leasehold Interest in Medicine Hat Mall

Wednesday, December 12, 2012

Sears Canada Announces Sale of its Leasehold Interest in Medicine Hat Mall08:00 EST Wednesday, December 12, 2012TORONTO, Dec. 12, 2012 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today the sale of its 40% ownership of the leasehold interest in Medicine Hat Mall in Alberta to the Company's joint venture partner, Sleeping Bay Building Corp., for pre-tax consideration of $43 million.This transaction will have no effect on any associates employed at the Sears store at Medicine Hat Mall, nor on the operation of the store which will continue to serve the residents of Medicine Hat and surrounding area as it has proudly done since 1978 in this location, and prior to that from its previous store built in 1960.Sears Canada is a multi-channel retailer with a network that includes 195 corporate stores, 269 hometown dealer stores, 8 home services showrooms, over 1,500 catalogue and online merchandise pick-up locations, 102 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.SOURCE: Sears Canada Inc.For further information: Contact for Media:  Vincent Power Sears Canada, Corporate Communications  416-941-4422 vpower@sears.ca