corporate info

Sears Canada Inc. (TSX: SCC) announced today that it is adding to its "Stronger Dollar - Lower Prices" program by offering a special No-Payment offer to customers which allows them to defer payment on purchases totaling $300 or more until April, 2008. This includes all men's, women's and children's apparel, footwear and accessories, cosmetics and fragrances, home décor, bed & bath, housewares, home electronics, fitness equipment, Christmas trees and decorations, hardware, outdoor power equipment, and toys.

"Our 'Stronger Dollar - Lower Prices' program has helped customers discover the advantages of shopping in Canada during the Holiday period," said Dene Rogers, President and CEO, Sears Canada Inc. "This new enhancement will now give Canadians yet another reason to shop in Canada and spend their dollars at home, helping to make Canada's economy stronger. The deferred payment program will really help our customers to pay for their Christmas shopping. This is a first, where customers can defer $300 and accumulate that amount over multiple transactions during the course of a day. It means not impeding their shopping day by forcing them to carry around their various purchases in order that they be on the same transaction."

Sears department stores, Sears Home stores, Dealer stores and Outlet stores are all participating in the No-Payment Until April 2008 event. At the checkout desks, Customers wanting to defer payment on their purchases may do so upon request each time they proceed through the checkout process. Purchases made on the same day, on a Sears Card or Sears MasterCard, will be accumulated, and the payment for a minimum purchase of $300 at the end of that day on the same Card across the eligible categories can be deferred until April, 2008. Full details are in-store.

"We have made this program straightforward for our customers," continued Mr. Rogers. "There is no fee for customers who choose to defer their payments until April, 2008, and the minimum $300 purchase includes taxes. Plus, customers can earn Sears Club or Sears MasterCard Colours points on their purchases."

Sears is also offering a similar No-Payment enhancement for catalogue and online purchases. Details can be found online at www.sears.ca.

The Company also reminded customers today that its popular Sears Days promotion ends this coming Sunday, December 9, 2007, and contains many items identified under the Company's "Stronger Dollar - Lower Value" program. Some examples include:

    <<
    Zenith Home Theatre System                $89.99, Reg. 199.99
    Prima 32" LCD HD Compatible TV            $599.99, Reg. 899.99
    Craftsman 50-piece Screwdriver Set        $19.99, Reg. 79.99
    Martha Stewart Duck Feather Pillow        $9.99, Reg. 19.99
    VTech 'V-Smile' TV Learning System        $39.99, Reg. 54.99
    'Snow Flite' Snow Carpet                  $1.88, Reg. 4.99
    Van Heusen Dress Shirts                   $19.99, Reg. 39.99
    Van Heusen Ties                           $14.99, Reg. 29.99
    Men's Levis 501 Denim Jeans               $36.99, Reg. 74.99
    Givenchy Men's and Women's Fragrances     $45.00-$85.00
    >>

The "Stronger Dollar - Lower Prices" program will continue through the month of December, in response to the increased value of the Canadian dollar vs. the U.S. dollar. It is intended to demonstrate to Canadians that shopping in Canada can provide the values they expect with respect to a stronger dollar.

As far as other retailers operating in Canada, Sears reminds customers of its Price Match Guarantee, which states that the Company will match any advertised price in Canada. Customers can find additional information and details at their local Sears store, in the catalogue, and online at www.sears.ca.

This release contains information which is forward-looking and is subject to important risks and uncertainties. Forward-looking information concerns the Company's future financial performance, business strategy, plans, goals and objectives. Factors which could cause actual results to differ materially from current expectations include, but are not limited to: the ability of the Company to successfully implement its cost reduction, productivity improvement and strategic initiatives and whether such initiatives will yield the expected benefits; the impact of the sale of the Company's Credit and Financial Services operations and the results achieved pursuant to the Company's long-term marketing and servicing alliance with JPMorgan Chase Bank, N.A.; general economic conditions; competitive conditions in the businesses in which the Company participates; changes in consumer spending; seasonal weather patterns; customer preference toward product offerings; changes in the Company's relationship with its suppliers; interest rate fluctuations and other changes in funding costs; fluctuations in foreign currency exchange rates; the possibility of negative investment returns in the Company's pension plan; the outcome of pending legal proceedings; and changes in laws, rules and regulations applicable to the Company. While the Company believes that its forecasts and assumptions are reasonable, results or events predicted in this forward-looking information may differ materially from actual results or events. The Company intends the forward-looking information to speak only as of the time made and does not undertake to update or revise this information except as may be required by law.

Sears Canada is a multi-channel retailer with a network of 196 corporate stores, 179 dealer stores, 61 home improvement showrooms, over 1,800 catalogue merchandise pick-up locations, 106 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 www.sears.ca.

SOURCE: Sears Canada Inc.

Contact for Media: Vincent Power, Sears Canada, Corporate Communications, (416)
941-4422, vpower@sears.ca