Sears Canada Successful in Assigning Eight Home Store Leases

TORONTO, Feb. 23, 2016 /CNW/ - Sears Canada Inc. (TSX: SCC; NASDAQ: SRSC) announced today that it has been successful in assigning eight of its Sears Home banner store leases to Leon's Furniture Ltd. (TSX: LNF).  These arrangements further strengthen Sears Canada's strategy to make its core bricks and mortar store footprint more productive and become a stronger company. 

"We are working on rationalizing our store network to ensure our core store physical footprint is highly productive," said Brandon G. Stranzl, Executive Chairman, Sears Canada Inc.  "Our focus is on converting each and every customer at stores with less efficient footprints into customers of our more efficient and best performing stores.  These actions will drive more business over less square footage, and will make Sears Canada a stronger company.

"In the case of these eight stores, we have communication plans in place to invite all Sears Home customers to our nearest full-line department store where they can continue to shop for major appliances, mattresses, furniture, home décor, and outdoor seasonal products.  Recent experiences show that when we execute this "conversion", our full-line stores pick up a significant portion of the sales, the market area's efficiency per square foot improves, and customers continue to be served as they would expect from Sears, including being able to maintain their relationships with the same professional sales associates that they knew in their Sears Home location, many of which we are able to transition to the full-line store."

The following Sears Home stores will be assigned to the Leon's banner: Abbotsford, Langley, Richmond and Victoria, British Columbia and Brampton, Etobicoke and Mississauga, Ontario.  The Sears Home store in Moncton, New Brunswick, will be assigned to The Brick banner.  The leases will be assigned effective June 1, 2016, with the exception of the Brampton, Ontario location which will be effective July 1, 2016. 

About Sears Canada
Sears Canada is a multi-channel retailer with a network that includes 162 corporate stores, 144 Hometown stores, over 1,200 catalogue and online merchandise pick-up locations, 84 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, 416-941-4422, vpower@sears.ca

RELATED LINKS
http://www.sears.ca

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