Sears Canada Announces New Price Reductions

    TORONTO, Nov. 9 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today that
it is continuing to pass on benefits of the higher Canadian dollar to its
customers and lowering prices across the store in addition to those announced
last week.
    "Sears believes in a 'stronger dollar, lower prices' approach," said Dene
Rogers, President and Chief Executive Officer, Sears Canada Inc. "The price
reductions we announced last week were just a start and we are making further
reductions this week. We want our customers to shop in Canada; it's more
convenient for them and it is better for Canada and its economy when Canadians
shop at home."
    Sears has permanently reduced prices across its Lands' End shops,
representing hundreds of items in men's, women's and kids sizes. Lands' End
shops were introduced in 34 stores across the country from Vancouver to
Halifax earlier this year. Lands' End offers Sears Canada customers exclusive
retail-store access to this brand of classic apparel for every day. The Lands'
End price reductions are in addition to the apparel price reductions announced
last week within the Company's popular "Sears More Value" program.
    The Company also announced that its Nygard Collection and Tan Jay women's
apparel brands are priced at comparable prices with U.S. retailers.
    Sears has also reduced prices on greeting cards which display both a
Canadian and U.S. price. Sears will sell these at the lower of the two prices.
    Sears continues to offer its customers prices comparable to U.S. pricing
in its popular Home Electronics shop, within its normal promotional
advertising program. Some recent examples are:

    - LG 32" HDTV No.32LC7D:                      $799.99 until Nov. 18,
                                                  Reg. 999.99 lowered from

    - Sharp Aquos 32" LCD HDTV LC No.LC-32D43U    $899.99 until Nov. 12,
                                                  Reg. 999.99

    The Company continues to work with suppliers to obtain costs which more
accurately reflect the higher value of the dollar. "Sears and its suppliers
have a long history of working together to provide excellent value to Sears
customers," continued Mr. Rogers. "Canadians expect us to give them lower
prices in light of the dollar's value, and we are working to meet these
    With respect to prices at other retailers operating in Canada, Sears
reminds customers of its Price Match Guarantee, which states that the Company
will match any advertised price in Canada. 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. The Company intends the forward-looking information to speak only as
of the time made and does not undertake to update or revise this information
except as may be required by law.

    Sears Canada is a multi-channel retailer with a network of 196 corporate
stores, 179 dealer stores, 61 home improvement showrooms, over 1,800 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

For further information:

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

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