Sears Canada Announces Securities Filings

TORONTO, May 31, 2012 /CNW/ - Sears Canada Inc. (TSX: SCC) ("Sears Canada" or the "Company") announced today that it has filed a registration statement on Form 20-F with the United States Securities and Exchange Commission in connection with the previously announced proposed partial spin-off by Sears Holdings Corporation of a portion of its interest in the Company.

In connection with the filing of the registration statement, Sears Canada was required to recast its financial statements with the retrospective application of changes in accounting policy related to employee benefits (IAS 19 (revised) - Employee Benefits) to the earliest period presented in the registration statement. As such, the Company has re-filed its 2011 audited annual financial statements, its first quarter 2012 interim financial report, and the respective related management's discussion and analysis, with Canadian securities regulatory authorities. There are no other significant changes to the previously reported results or the related management's discussion and analysis.

The registration statement and the refiled financial information may be viewed on the Company's profile at www.sedar.com.

This press release does not constitute an offer of any securities for sale.

Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 278 hometown dealer stores, 29 home services showrooms, over 1,500 catalogue and online merchandise pick-up locations, 105 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.