Sears Canada Acknowledges Sears Holdings Release Announcing Possible
TORONTO, May 14, 2014 /CNW/ - Sears Canada Inc. (TSX: SCC) acknowledges the
release today by Sears Holdings Corporation (NASDAQ: SHLD) announcing its
intention to explore strategic alternatives including the potential
divestiture of its remaining shares in Sears Canada and/or the sale of Sears
Canada as a whole. Sears Canada's board and management intend to cooperate
fully with Sears Holdings in this process to achieve value for all
The text of the Sears Holdings release on this issue is set out below.
Although the Company believes that the forward-looking information presented
with respect to a possible divestiture by Sears Holdings 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.
The following is the text of the Sears Holdings release:
NEWS MEDIA CONTACT:
Sears Holdings Public Relations
FOR IMMEDIATE RELEASE:
May 14, 2014
SEARS HOLDINGS PROVIDES UPDATE ON ITS INTEREST IN SEARS CANADA INC.
HOFFMAN ESTATES, Ill. - Sears Holdings Corporation (NASDAQ: SHLD) announced
today that it is exploring strategic alternatives for its 51% interest in
Sears Canada, including a potential sale of Sears Holdings' interest or Sears
Canada as a whole. In connection with those efforts, Sears Holdings intends to
engage an investment banking firm.
Sears Canada's board of directors has advised Sears Holdings that Sears
Canada's board and management intend to cooperate fully with Sears Holdings in
this process to achieve value for all shareholders.
This press release contains forward-looking statements with respect to
possible transactions involving Sears Canada Inc. Forward-looking statements
are subject to risks and uncertainties that may cause our actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by these
forward-looking statements. Such statements are based upon the current
beliefs and expectations of our management and are subject to significant
risks and uncertainties. The following factors, among others, could cause
actual results to differ from those set forth in the forward-looking
statements: our ability to enter into or complete a possible transaction with
respect to Sears Canada on acceptable terms, on intended timetables or at all;
the form or terms and conditions of any such transaction; the impact of the
evaluation and/or completion of any such transaction on our other businesses;
and the potential impact on our business from the announcement contained in
this press release. We intend the forward-looking statements to speak only as
of the time made and do not undertake to update or revise them as more
information becomes available except as required by law.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer
focused on seamlessly connecting the digital and physical shopping experiences
to serve our members - wherever, whenever and however they want to shop. Sears
Holdings is home to Shop Your Way(tm), a social shopping platform offering
members rewards for shopping at Sears and Kmart as well as with other retail
partners across categories important to them. The company operates through its
subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with
more than 2,350 full-line and specialty retail stores in the United States and
Canada. For more information, visit www.searsholdings.com.
** * **
This is the conclusion of the text of the Sears Holdings release.
Sears Canada is a multi-channel retailer with a network that includes 176
corporate stores, 234 Hometown stores, over 1,400 catalogue and online
merchandise pick-up locations, 97 Sears Travel offices and a nationwide repair
and service network. The Company also publishes Canada's most extensive
general merchandise catalogue and offers shopping online at www.sears.ca.
SOURCE Sears Canada Inc.
Contact for Media: Vincent Power Sears Canada Corporate Communications
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