TORONTO, Jan. 10, 2014 /CNW/ - Sears Canada Inc. (TSX: SCC) announced
today that the transaction originally announced on November 11, 2013,
between the Company and Montez Income Properties Corporation to sell
its 50% joint venture interest in eight properties it owns with The
Westcliff Group of Companies ("Westcliff") has closed. The agreement,
which involves four regional shopping centres, two strip centres and
two open-format retail centres, and which was subject to customary
closing conditions now fulfilled, is for a total consideration received
of approximately $315 million. Westcliff will continue as 50% owner
and exclusive manager of the properties.
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.
Although the Company believes that the forward-looking information
presented with respect to the sale of its interest in the joint venture
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.
SOURCE: Sears Canada Inc.
For further information:
Contact for Media:
Sears Canada, Corporate Communications