Sears Canada Submits Development Application to City of Burnaby

TORONTO, June 7, 2013 /CNW/ - In light of recent news reports that have been 
issued following the release of an application made by Sears Canada Inc. (TSX: 
SCC) to the City of Burnaby, Sears Canada is confirming that it has submitted 
an application to the City of Burnaby, British Columbia, regarding nine acres 
of the Company's property on and adjacent to its store located at the 
Metropolis at Metrotown, the largest shopping mall in British Columbia and the 
second largest in Canada. 
Sears is seeking approval to develop a comprehensive mixed-use project 
including the construction of a new Sears department store to replace the 
existing store. The vision of the redevelopment is a major urban-infill 
project consisting of seven residential and office high-rises along with 
ground-level retail space for which Sears Canada would form a joint venture 
with a developer. Given the very early stage the project is in today, there 
has been no determination as to any capital or other expenditure required, if 
any. In addition, it is too early to tell whether or not the project will be 
completed given a multitude of potential factors, both internal and external, 
such as the economic value for the Company, shifts in the Canadian economy, 
and the condition of the real estate market now or in the future. Furthermore, 
this is a multi-year endeavour, and the length of time it will take from this 
early stage of discussions with the City of Burnaby to a potential completion, 
is estimated at several years. Therefore, although there have been estimates 
made of the value of the project, even if it was to proceed, it is too early 
in the process for the Company to declare any value associated with it. 
Sears is looking forward to working with the City of Burnaby in determining 
the appropriate needs of the neighbourhood and in achieving a design and 
development appropriate for this important gateway location. The matter was 
put before City of Burnaby Council on May 27, 2013. 
This release contains statements that are forward-looking. Actual results or 
events may differ materially from those forecasted in this release because of 
the risks and uncertainties associated with Sears Canada's business and the 
general economic environment, including that there can be no assurance that 
the development project or new store will be completed, nor that the timing or 
magnitude related to them will materialize as described. 
Sears Canada is a multi-channel retailer with a network that includes 181 
corporate stores, 248 Hometown stores, over 1,400 catalogue and online 
merchandise pick-up locations, 101 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 
Contact for Media: Vincent Power Sears Canada, Corporate Communications 
SOURCE: Sears Canada Inc. 
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CO: Sears Canada Inc.
ST: Ontario
-0- Jun/07/2013 16:48 GMT
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