Sears Canada Announces Closing of Transaction of Certain Joint Ventures

Sears Canada Announces Closing of Transaction of Certain Joint Ventures 
TORONTO, Jan. 10, 2014 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today 
that the transaction originally announced on November 11, 2013, between the 
Company and Montez Income Properties Corporation to sell its 50% joint venture 
interest in eight properties it owns with The Westcliff Group of Companies 
("Westcliff") has closed. The agreement, which involves four regional 
shopping centres, two strip centres and two open-format retail centres, and 
which was subject to customary closing conditions now fulfilled, is for a 
total consideration received of approximately $315 million. Westcliff will 
continue as 50% owner and exclusive manager of the properties. 
Sears Canada is a multi-channel retailer with a network that includes 181 
corporate stores, 246 hometown dealer stores, over 1,400 catalogue 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 
Although the Company believes that the forward-looking information presented 
with respect to the sale of its interest in the joint venture is reasonable, 
such forward-looking information involves known and unknown risks, 
uncertainties and other factors which may cause actual results, performance or 
achievements to be materially different from any future results, performance 
or achievements expressed or implied by the forward-looking information, and 
undue reliance should not be placed on such information. The forward-looking 
statements in this release are made as of the date hereof. The Company does 
not undertake any obligation to update publicly or to revise any 
forward-looking information, whether as a result of new information, future 
events or otherwise, except as required by law.

SOURCE  Sears Canada Inc. 
Contact for Media:  Vincent Power Sears Canada, Corporate Communications 
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CO: Sears Canada Inc.
ST: Ontario
-0- Jan/10/2014 21:30 GMT
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