TORONTO, May 16, 2014 /CNW/ - Sears Canada Inc. (TSX: SCC) announced
today that it has entered into an agreement for the sale of its 15%
minority ownership interest in the Centre commercial Les Rivières
shopping centre in Trois-Rivières, Quebec, a joint arrangement the
Company holds with affiliates of Ivanhoé Cambridge, for pre-tax
consideration of $33.5 million. Ivanhoé Cambridge is purchasing the
15% interest that it does not already own from Sears. The transaction
is subject to customary closing conditions and is scheduled to close on
June 2, 2014.
Sears will continue to operate its department store in the shopping
centre, and Ivanhoé Cambridge will continue to manage the property.
This transaction will have no effect on associates employed at the
store, nor on the operation of the store which will continue to serve
the residents of Trois-Rivières and surrounding area as it has proudly
done since 2000 and since 1971 in its previous location in the same
About Sears Canada
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