Sears Canada Drops Prices on Back-to-School Clothing and Supplies for Canadian Families

    "Back-to-School Price Drops"

    TORONTO, Aug. 21 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today
that it is dropping prices on products in the 'Back to School' areas of the
store during this period for families preparing to return to classes. Living
with concerns about a difficult economy and facing household budget stressors
such as high fuel prices, Canadians are seeking confidence that they can shop
for their back-to-school needs at low prices without sacrificing style and
fashion that will make their kids return to class with pride.
    "We know that with a tougher economy and lowering consumer confidence,
customers need to know that they are getting exceptional value that will allow
them to stretch their back-to-school budgets," said Dene Rogers, President and
Chief Executive Officer, Sears Canada Inc. "We are listening to our customers
and taking steps to demonstrate that our prices and quality provide the help
they need to make this shopping season less stressful and more rewarding for
their kids."
    Sears has already passed on savings associated with a stronger Canadian
dollar. Additionally, Sears promotional advertising program provides
outstanding competitive value during this key shopping season. Now, Sears has
dropped the prices on additional items and has lowered promotional prices even
further on others, and has identified them with "Back-to-School Price Drop"
signs throughout the store to make it easier for customers to locate. Here are
some examples:

    Adidas Activewear Pant:
    (Reg. $39.99, Boys)                                   $19.88 (Sizes 8-18)

    Levis Jeans:
    (Reg. $29.99, Boys or Girls)                          $19.99 (Sizes 4-6X)
    (Reg. $34.99, Boys or Girls)                          $19.99 (Sizes 7-18)

    Point Zero Jeans:
    (Reg. $39.99, Boys)                                   $23.99 (Sizes 8-18)

    Nevada Jeans:
    (Reg. $19.99-$29.99, Boys or Girls)                   $14.88 (Sizes 4-18)
    (2007 regular prices were $24.99-$29.99)

    Nevada Hoodies:
    (Boys or Girls, Reg. $18.99-$19.99)                   $12.88 (Sizes 4-6X)
    (2007 regular price was $24.99)
    (Boys or Girls, Reg. $24.99)                          $14.88 (Sizes 7-18)
    (2007 regular price was $29.99)

    Extreme Zone Hoodies:
    (Boys, Reg. $24.99)                                   $12.88 (Sizes 8-18)
    (2007 regular prices were $24.99-$29.99)

    Extreme Zone Jeans:
    (Boys, Reg. $29.99)                                   $17.99 (Sizes 8-18)

    Hanes 6-pack White Sport Socks                          $4.88 (All sizes)
    (Reg. $9.99)

    These items, and several others in the 'Back to School' areas of the
store, are available in all Sears department stores with prices in effect
until Friday, August 29, 2008. All regular price references are Sears regular
prices. In addition, as a special for this weekend only until Sunday,
August 24, as part of its "Back-to-School Price Drop" campaign, Sears is
offering the following school supply basics at budget stretcher prices:

    Rainbow 4-Colour Writer Pen:                        39 cents, Reg. $0.79

    Elmer's School Single Glue Stick:                   64 cents, Reg. $1.29

    24-pack Papermate Canadiana Pencils:                89 cents, Reg. $2.79

    10-pack Papermate 1.2 Assorted Ball-Point Pens:     89 cents, Reg. $1.79

    150-page-pack Recycled Refill Paper:                99 cents, Reg. $2.29

    Elmer's Mini Stapler with Staples:                  99 cents, Reg. $1.99

    10-pack Hilroy Polytote Project Pockets:               $1.89, Reg. $3.99

    24-pack Laurentien Coloured Pencils:                   $2.49, Reg. $4.99

    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

    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

For further information:

For further information: Contact for Media: Eliana Cugini, Sears Canada,
Corporate Communications, (416) 941-4426,

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