Sears Canada Announces Closing of Transaction with Landlord

TORONTO, April 20, 2012 /PRNewswire/ - Sears Canada Inc. (TSX: SCC) announced today that the transaction between the Company and real estate developer and landlord, The Cadillac Fairview Corporation Limited (Cadillac Fairview), regarding the return of the Company's  stores at Vancouver Pacific Centre, Calgary Chinook Centre and Ottawa Rideau Centre to Cadillac Fairview for a total consideration of $170 million, has closed.  The agreement which was subject to certain closing conditions, now fulfilled, was originally announced by the Company on March 2, 2012.  Sears plans to exit all three locations by October 31, 2012.

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.

SOURCE Sears Canada Inc.