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The second floor entrance to the Sears store at Upper Canada Mall in Newmarket, Ont.Peter Power/The Globe and Mail

Sears Canada Inc. said Wednesday it will pay a special dividend of $1 per share.

The retailer said it will pay a total of about $102-million to shareholders on Dec. 31 to shareholders of record on Dec. 24.

The dividend comes as Sears works to revamp its operations, cut costs and boost sales.

Sears also announced Wednesday that it has sold its 40 per cent stake in the leasehold interest in the Medicine Hat Mall in Alberta to its joint venture partner, Sleeping Bay Building Corp., for $43-million.

The company said the sale will have no effect on the Sears store at the mall.

Sears Canada has 195 corporate stores as well as various other locations across the country.