Vancouver Pacific Centre, Calgary Chinook Centre and Ottawa Rideau
TORONTO, March 2, 2012 /CNW/ - Sears Canada Inc. (TSX: SCC) announced
today that it will return to commercial real estate developer and
landlord, The Cadillac Fairview Corporation Limited (Cadillac Fairview)
three stores within shopping centres the developer owns and manages,
for a total consideration of $170 million. The agreement is definitive
and only subject to customary closing conditions. The transaction is
expected to close on or around April 20, 2012.
The three Sears store locations are Vancouver Pacific Centre, Calgary
Chinook Centre and Ottawa Rideau Centre. Sears plans to exit all three
locations by October 31, 2012.
The associates whose employment could be potentially impacted by this
transaction will have the opportunity to apply for positions for which
they are qualified in nearby Sears locations which could become
available between now and October 31. The Company will explore the
possibility of operating other Sears stores in these areas.
"Overall, this is a very advantageous agreement for Sears Canada," said
Calvin McDonald, President and Chief Executive Officer, Sears Canada
Inc. "While we had no plans to close stores, the transaction for these
three specific locations provides an attractive financial benefit for
the Company which strategically allows us to drive growth in areas
which can be most beneficial. We are investing in a refresh of our
stores and piloting new formats which will provide Canadians exciting
ways to access Sears products and services. This is an opportunity for
Sears Canada that fits well with our vision and where our strengths are
as a retailer."
"Sears continues to execute its transformation strategy and remains
focused on growing the business," continued Mr. McDonald. "We will
continue to unveil new customer-focused strategies and events that
demonstrate our resolve in being top of mind for shoppers across the
Mr. McDonald added, "I want to acknowledge the effect that this
announcement will have on some of our Sears associates. I appreciate
the service they have given to Sears so far, and I thank them in
advance for their assistance during the transition period ahead of us."
Sears has operated in Vancouver Pacific Centre and Ottawa Rideau Centre
since 2000 and in Calgary Chinook Centre since 1965.
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.
For further information:
Contact for Media:
Sears Canada, Corporate Communications