TORONTO, May 14, 2014 /CNW/ - Sears Canada Inc. (TSX: SCC) acknowledges
the release today by Sears Holdings Corporation (NASDAQ: SHLD)
announcing its intention to explore strategic alternatives including
the potential divestiture of its remaining shares in Sears Canada
and/or the sale of Sears Canada as a whole. Sears Canada's board and
management intend to cooperate fully with Sears Holdings in this
process to achieve value for all shareholders.
The text of the Sears Holdings release on this issue is set out below.
Although the Company believes that the forward-looking information
presented with respect to a possible divestiture by Sears Holdings is
reasonable, such forward-looking information involves known and unknown
risks, uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking information, and undue reliance should not be placed on
such information. The forward-looking statements in this release are
made as of the date hereof. The Company does not undertake any
obligation to update publicly or to revise any forward-looking
information, whether as a result of new information, future events or
otherwise, except as required by law.
The following is the text of the Sears Holdings release:
NEWS MEDIA CONTACT:
Sears Holdings Public Relations
FOR IMMEDIATE RELEASE:
May 14, 2014
SEARS HOLDINGS PROVIDES UPDATE ON ITS INTEREST IN SEARS CANADA INC.
HOFFMAN ESTATES, Ill. - Sears Holdings Corporation (NASDAQ: SHLD)
announced today that it is exploring strategic alternatives for its 51%
interest in Sears Canada, including a potential sale of Sears Holdings'
interest or Sears Canada as a whole. In connection with those efforts,
Sears Holdings intends to engage an investment banking firm.
Sears Canada's board of directors has advised Sears Holdings that Sears
Canada's board and management intend to cooperate fully with Sears
Holdings in this process to achieve value for all shareholders.
This press release contains forward-looking statements with respect to
possible transactions involving Sears Canada Inc. Forward-looking
statements are subject to risks and uncertainties that may cause our
actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by these forward-looking statements. Such statements are based
upon the current beliefs and expectations of our management and are
subject to significant risks and uncertainties. The following factors,
among others, could cause actual results to differ from those set forth
in the forward-looking statements: our ability to enter into or
complete a possible transaction with respect to Sears Canada on
acceptable terms, on intended timetables or at all; the form or terms
and conditions of any such transaction; the impact of the evaluation
and/or completion of any such transaction on our other businesses; and
the potential impact on our business from the announcement contained in
this press release. We intend the forward-looking statements to speak
only as of the time made and do not undertake to update or revise them
as more information becomes available except as required by law.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated
retailer focused on seamlessly connecting the digital and physical
shopping experiences to serve our members - wherever, whenever and
however they want to shop. Sears Holdings is home to Shop Your Waytm, a social shopping platform offering members rewards for shopping at
Sears and Kmart as well as with other retail partners across categories
important to them. The company operates through its subsidiaries,
including Sears, Roebuck and Co. and Kmart Corporation, with more than 2,350 full-line and specialty retail stores
in the United States and Canada. For more information, visit www.searsholdings.com.
** * **
This is the conclusion of the text of the Sears Holdings release.
Sears Canada is a multi-channel retailer with a network that includes
176 corporate stores, 234 Hometown stores, over 1,400 catalogue and
online merchandise pick-up locations, 97 Sears Travel offices and a
nationwide repair and service 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: Vincent Power
Sears Canada Corporate Communications