ESL Partners, L.P. and Edward S. Lampert announce termination of joint retainer with Fairholme Capital Management, LLC

BAY HARBOR ISLANDS, FL, July 28, 2017 /CNW/ - ESL Partners, L.P., Edward S. Lampert and certain affiliated entities (collectively, "ESL") announce that ESL and Fairholme Capital Management, LLC have terminated their joint engagement of Canadian legal counsel with respect to a potential negotiated transaction with Sears Canada Inc. (the "Issuer") and its subsidiaries in connection with the Issuer's proceedings under the Companies' Creditors Arrangement Act.  ESL continues to evaluate the Issuer and its business, affairs, operations, results of operations, contracts, liabilities, properties and prospects, and may consider, evaluate and discuss potential transactions involving the Issuer or its affiliates, including, without limitation, financing transactions, purchase and sale transactions or restructuring transactions. ESL, either individually or together with other parties, may make proposals with respect to such transactions involving the Issuer or that may otherwise involve other types of transactions.  ESL is also evaluating and considering a potential sale of some or all of its common shares of the Issuer in order to generate a tax loss for ESL and their investors.  There is no assurance that ESL will make or pursue any such proposal, transaction or sale or that any such action will result in a completed transaction.

ESL may be deemed to beneficially own in aggregate 46,162,515 common shares of the Issuer, representing approximately 45.3% of the outstanding common shares of the Issuer.

This press release shall not be construed as an admission that ESL beneficially owns or controls, for the purposes of Section 13(d) or 13(g) of the United States Securities Exchange Act of 1934, or any other purpose, any securities covered by this press release.

SOURCE ESL Partners, L.P.

For further information: For a copy of the early warning report corresponding to this press release, please contact Harold Talisman, ESL Investments, Inc., 1170 Kane Concourse, Suite 200, Bay Harbor Islands, Florida 33154 at (305) 702-2100.

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ESL Partners, L.P.

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