Sears Canada Celebrates Boxing Day with their Lowest Advertised Prices of the Year on Select SONY Bravia TVs

    Most stores open at 7:00 a.m. on Boxing Day, December 26

    Buy Anything, Pay Nothing Until April 2009; Free Shipping offer online
    until December 31, 2008

    TORONTO, Dec. 23 /CNW/ - December 23, 2008 - Sears Canada Inc. (TSX: SCC)
announced today that it is offering massive price reductions, up to $700, on a
selection of SONY Bravia TVs. These "door crashers" are only some of the many
exciting shopping incentives available in Sears stores beginning December 26.
    "Sears understands that this year, given the current economic climate,
Boxing Day takes on a renewed importance for Canadian families," says Dene
Rogers, President and CEO, Sears Canada Inc. "Sears is pleased to continue to
help families save money and stretch their dollars, with outstanding Boxing
Day savings on hundreds of items and special payment plans that provide
options for household budget planning."
    Effective Boxing Day, for three days only, Sears is offering their lowest
advertised prices on select SONY Bravia LCD HDTVs, while quantities last, in
its department stores and Sears Home stores across Canada, online at
www.sears.ca and through the Catalogue at 1-800-26-SEARS.

    The model numbers included are:

    -   40" LCD Full HD 1080p TV (model KDL40S4100) Save $450, only $849.99
        (stock No. 13855)
    -   46" LCD Full HD 1080p TV (model KDL46S4100) Save $550, only $1149.99
        (stock No. 13856)
    -   52" LCD Full HD 1080p TV (model KDL52S4100) Save $700, only $1499.99
        (stock No. 13857)

    With respect to prices at other retailers operating in Canada, Sears
reminds customers of its Price Match Guarantee, which states that the Company
will match any advertised price in Canada. Customers can find additional
information and details at their local Sears store.
    Customers can also take advantage of post-Christmas reductions on a
number of other LCD and Plasma national-brand televisions, including brands
like Samsung, Toshiba, Panasonic, and LG. The Company is also promoting deep
discounts on other categories of electronics as well as major appliances,
seasonal merchandise, mattresses and fitness equipment and a huge selection of
family apparel and accessories. For an extensive list of specials, customers
can check the Sears Boxing Weekend Sale and Clearance flyer being distributed
Christmas Eve.

    Here are some of the featured items:

    CRAFTSMAN 6-hp Dual-Stage Snowblower                $699.99, Reg. 849.99
    (stock No. 52814)

    CRAFTSMAN 19.2V 3/8" Cordless Drill/Driver &
     flashlight Combo                                    $47.99, Reg. 159.99
    (stock No. 22715)

    Sony Handycam Mini DV Camcorder (DCRHC52)           $199.99, Reg. 299.99
    (stock No. 31823)

    Sealy Posturepedic 'Perennial Elite' Pocket-Coil
     Queen Size Sleep Set                              $999.98, Reg. 2199.98

    Men's Levi's selected 505, 524 and 528 denim jeans    $34.99, Reg. 69.99

    Most Sears stores that are open on December 26 start the Boxing Day sale
at 7:00 a.m., 1:00 p.m. in Quebec.

    Shop Online Even Earlier:

    For those who seek to get an even earlier start to Boxing Day sales,
Sears.ca is giving shoppers an early start to Boxing Day on its website,
www.sears.ca, with a unique assortment of Boxing Week promotions ahead of the
traditional December 26 timing. Boxing Day on Sears.ca will start at 3:30 a.m.
Eastern Time on Christmas morning, December 25. Customers can shop from the
comfort of their home and receive Free Shipping directly to their home, for
orders placed up to December 31, on most soft-good items to practically
anywhere in Canada. Full details on Sears.ca. This shipping offer also applies
to any items purchased from the Sears Catalogue at 1-800-26-SEARS, Canada's
most-called phone number.

    "Buy Anything, Pay Nothing" Until April 2009:

    Sears also wants to remind customers that it is continuing to offer
budget relief in the form of its "Buy Anything, Pay Nothing 'til April 2009"
offer for purchases made on Sears Card and Sears MasterCard in Sears retail
stores, through the catalogue, or online at www.sears.ca.

    This release contains information which is forward-looking and is subject
to important risks and uncertainties. Forward-looking information concerns the
Company's future financial performance, business strategy, plans, goals and
objectives. Factors which could cause actual results to differ materially from
current expectations include, but are not limited to: the ability of the
Company to successfully implement its cost reduction, productivity improvement
and strategic initiatives and whether such initiatives will yield the expected
benefits; the impact of the sale of the Company's Credit and Financial
Services operations and the results achieved pursuant to the Company's
long-term marketing and servicing alliance with JPMorgan Chase Bank, N.A.;
general economic conditions; competitive conditions in the businesses in which
the Company participates; changes in consumer spending; seasonal weather
patterns; customer preference toward product offerings; changes in the
Company's relationship with its suppliers; interest rate fluctuations and
other changes in funding costs; fluctuations in foreign currency exchange
rates; the possibility of negative investment returns in the Company's pension
plan; the outcome of pending legal proceedings; and changes in laws, rules and
regulations applicable to the Company. While the Company believes that its
forecasts and assumptions are reasonable, results or events predicted in this
forward-looking information may differ materially from actual results or
events.

    Sears Canada is a multi-channel retailer with a network of 198 corporate
stores, 187 dealer stores, 44 home improvement showrooms, over 1,850 catalogue
merchandise pick-up locations, 106 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: Maria Ganogiannis, Sears Canada Inc., (416)
941-4427, mganogi@sears.ca