Sears Holdings Corporation Announces Sears Canada Rights Offering Fully Subscribed

Sears Holdings Corporation

today announced that its rights offering of 40,000,000 common shares of Sears Canada Inc. ("Sears Canada"), which closed on November 7, 2014, has been oversubscribed. Accordingly, Sears Holdings will receive aggregate gross proceeds of $380 million. Sears Holdings has received approximately $270 million in gross proceeds to date and expects to receive the remaining $110 million by November 13, 2014.   Sears Holdings will distribute a total of 40,000,000 shares of Sears Canada to the holders of subscription rights who validly exercised their basic subscription rights (and over-subscription privilege, if applicable) and paid the subscription price in full. Sears Holdings expects Computershare to finish tabulating the results of the rights offering on November 13, 2014, including proration in respect of the over-subscription privilege. The common shares of Sears Canada are being distributed by way of direct registration in book-entry form.  No physical share certificates will be issued. If you have questions about the rights offering of Sears Canada common shares, please contact Georgeson Inc., Sears Holdings' information agent, by calling (866) 741-9588 (toll-free) or emailing SearsCanadaOffer@georgeson.com. If you held and exercised your subscription rights through a broker, dealer, custodian bank or other nominee, please contact your broker, dealer, custodian bank or other nominee. This press release shall not constitute an offer to sell or the solicitation of an offer to buy common shares of Sears Canada, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. The sale of the securities offered in the Sears Canada rights offering will only be made by means of the prospectus filed by Sears Canada with the OSC and the prospectus, and registration statement of which it forms a part, filed by Sears Canada with the SEC.