TORONTO, Nov. 13, 2013 /CNW/ - Sears Canada Inc. (TSX: SCC) announced
today that the transaction originally announced on October 29, 2013,
between the Company and The Cadillac Fairview Corporation Limited
(Cadillac Fairview), regarding the termination of leases of the
Company's stores at Toronto Eaton Centre, Sherway Gardens, Markville
Shopping Centre and London-Masonville Place has closed. The
transaction among the Company, Ivanhoé Cambridge and Cadillac Fairview
originally announced on the same date for the Richmond Centre location
in British Columbia has also closed. The agreement for the five
stores, which was subject to certain closing conditions, now fulfilled,
is for a total consideration received of $400 million. Sears expects
to vacate the Toronto Eaton Centre, Sherway Gardens and
London-Masonville stores by February 28, 2014 and Markville Shopping
Centre and Richmond Centre by February 28, 2015.
Sears Canada is a multi-channel retailer with a network that includes
181 corporate stores, 246 hometown dealer stores, over 1,400 catalogue
merchandise pick-up locations, 101 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:
Sears Canada, Corporate Communications