Sears Canada Takes Hundreds of Price Drops this Weekend



    "Budget Relief Price Drops"

    TORONTO, Oct. 3 /CNW/ - Sears Canada Inc. (TSX: SCC) has taken hundreds
of price drops this weekend to help Canadians stretch their budgets. Reports
continue to indicate that Canadians are concerned about the economy. Canadian
consumer confidence is low. Expenses such as rising fuel prices can be
stressful to families as they try to stretch their household budgets at this
time of year. Sears is responding with "Budget Relief Price Drops", a program
that has lowered prices on a great selection of merchandise and that gives
Canadians across the country confidence that they are getting the best prices
for apparel and home products without having to lower their standards of
quality.
    "Sears has taken this latest round of price drops in conjunction with the
final three days of our annual fall Sears Days promotion," said Dene Rogers,
President and Chief Executive Officer, Sears Canada Inc. "Household budgets
need some relief, and Sears has taken deeper-than-normal price cuts on private
and national brands to let our customers know they can shop at their local
Sears store with confidence."
    In addition to apparel savings of 40% off and 50% off Sears regular
prices and 15% off all national brand major appliances with the purchase of
three or more appliances, Sears is offering customers a special offer for
appliances, furniture, mattress sets and home electronics which allows them to
collect double Sears Club points or choose a zero interest payment option
where they can defer payments until January, 2011.
    "For Canadians who feel cash strapped today but want to take advantage of
our budget relief price cuts, the no-payment offer until 2011 provides them an
opportunity to do so," continued Mr. Rogers. Sears customers can get full
details in store, through the catalogue at 1-800-26-SEARS or through the
internet at www.sears.ca.
    With respect to prices at other retailers operating in Canada, Sears
reminds customers of its Price Guarantee, which states that the Company will
match any advertised price in Canada (some restrictions apply). Customers can
find additional information and details at their local Sears store.

    This release contains information which is forward-looking and is subject
to important risks and uncertainties. Forward-looking information concerns the
Company's future financial performance, business strategy, plans, goals and
objectives. Factors which could cause actual results to differ materially from
current expectations include, but are not limited to: the ability of the
Company to successfully implement its cost reduction, productivity improvement
and strategic initiatives and whether such initiatives will yield the expected
benefits; the impact of the sale of the Company's Credit and Financial
Services operations and the results achieved pursuant to the Company's
long-term marketing and servicing alliance with JPMorgan Chase Bank, N.A.;
general economic conditions; competitive conditions in the businesses in which
the Company participates; changes in consumer spending; seasonal weather
patterns; customer preference toward product offerings; changes in the
Company's relationship with its suppliers; interest rate fluctuations and
other changes in funding costs; fluctuations in foreign currency exchange
rates; the possibility of negative investment returns in the Company's pension
plan; the outcome of pending legal proceedings; and changes in laws, rules and
regulations applicable to the Company. While the Company believes that its
forecasts and assumptions are reasonable, results or events predicted in this
forward-looking information may differ materially from actual results or
events.

    Sears Canada is a multi-channel retailer with a network of 197 corporate
stores, 185 dealer stores, 45 home improvement showrooms, over 1,850 catalogue
merchandise pick-up locations, 106 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.





For further information:

For further information: Contact for Media: Vincent Power, Sears Canada,
Corporate Communications, (416) 941-4422, vpower@sears.ca


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