Sears Canada Announces Sale of Five Store Leases to Cadillac Fairview Corporation for $400M

Today, we

are announcing a number of actions intended to improve our financial flexibility and accelerate our transformation into a leading Integrated Retailer that fosters relationships with members through our Shop Your Way platform. We also are providing an update on our third quarter operating performance.   First, Sears Canada announced today the sale of five store leases to Cadillac Fairview Corporation Limited for total consideration of $400 million Canadian.  The transaction is expected to close in the next ten business days. With respect to this transaction, Edward S. Lampert, Sears Holdings' Chairman and Chief Executive Officer, said "We are very supportive of Sears Canada's actions to create value.  It is clear that the Canadian market is becoming more competitive, but also more lucrative for those who can compete effectively.  We believe that Sears Canada is well positioned to create value for its shareholders through a combination of operating performance improvements, business portfolio actions and leveraging its real estate footprint working with its mall and other partners."  Holdings will work with the board and management of Sears Canada with a goal of increasing the