Sears Canada Extends Budget Relief Price Drops

    TORONTO, Oct. 10 /CNW/ - Sears Canada Inc. (TSX: SCC) has extended its
"Budget Relief Price Drops" program into its Scratch and Save Thanksgiving
weekend promotion, a sale which applies to almost every item in the store.
Sears has taken this action as a response to Canadians who are looking for
ways to stretch their budgets during these uncertain economic times. Canadian
consumer confidence is low. "Budget Relief Price Drops" is a program that has
lowered prices on a great selection of merchandise aimed to demonstrate to
customers that they are getting the best prices for apparel and home products
without having to lower their standards of quality.
    "Sears wants our customers to know that they can shop with confidence and
are receiving exceptional value for their dollar," said Dene Rogers, President
and Chief Executive Officer, Sears Canada Inc. "We believe that our latest
round of price cuts show that Sears is seriously responding to Canadians who
are looking for ways to stretch their household budgets."
    In addition to apparel savings of up to 50% off Sears regular prices,
Sears has introduced a new component to its Scratch and Save promotion this
year which is that customers can save double the value of their scratch card
savings for major appliances, furniture and mattress sets. Some conditions
    "Big ticket purchases can be especially stressful on a household budget,"
continued Mr. Rogers. "Doubling normal savings during this special promotion
is a way Sears can help make purchases of this nature more affordable than
    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: Vincent Power, Sears Canada,
Corporate Communications, (416) 941-4422,

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