Sears Canada will offer roles within Sears to Associates
TORONTO, July 18, 2012 /CNW/ - Sears Canada Inc. (TSX: SCC) announced
today that it will return to commercial real estate developer and
landlord, Shape Properties (Deerfoot) Corp. and Deerfoot Equities Inc.,
the Sears store at Deerfoot Mall in Calgary for financial
consideration. The agreement is definitive and only subject to
customary closing conditions. The transaction is expected to close on
or around October 26, 2012 and Sears plans to exit the location by
October 31, 2012.
Sears Canada will be offering all associates working in our Sears
Deerfoot store continued employment with Sears. The Company implemented
this for the associates working in the three stores it previously
announced it was vacating, and will be showing the same level of
commitment to their Deerfoot associates.
Sears has operated the Deerfoot store in Calgary as a full-line store
since 2008. Prior to 2008, the location was a Sears Outlet store. The
lease for this location expires next year and Sears was reviewing its
options on whether or not to renew. This agreement allows Sears Canada
to exit this location early and receive financial consideration to do
"This is a favourable transaction for Sears Canada," said Calvin
McDonald, President and Chief Executive Officer, Sears Canada Inc.
"While we had no additional plans to close stores, this agreement
provides us with the ability to focus on areas in which we can improve
and grow. In the past few months we have made significant investments
to make sure we're operating in the formats where we trade most
effectively. We have recently unveiled four refreshed stores, expanded
the Corbeil appliance format into the Greater Toronto Area, and opened
our new 78,000 square foot Pinecrest Sears Home store in Ottawa. In
addition, we have introduced a new Customer Service renewal program and
our quarterly LOOK! report showcasing seasonal trends.
"I am pleased to say that we will offer all associates in Sears Deerfoot
roles within the Company," continued Mr. McDonald. "We have associates
working for Sears in communities across Canada and we want them to know
we appreciate their dedication."
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.
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Contact for Media:
Sears Canada, Corporate Communications