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Sears Canada Lowers Prices on over 5,000 Items

TORONTO, Feb. 16, 2012, 2012 (Canada NewsWire via COMTEX) --Items reduced in every department across the store!

Sears Canada Inc. (TSX: SCC) announced today that it has lowered regular prices on over 5,000 items, an initiative to offer Canadians better value every day across every department in every store.

"Our customers are demanding great value every day of the week," said Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc. "The prices now offered at Sears are what Canadians expect from a company committed to providing value day-in and day-out. We also know Canadians love sales, and Sears will continue to offer sale prices and time-limited special promotions that will surprise and delight customers."

This will be the first significant change customers will see as a result of the transformation undertaken by the Company. In addition to the lower regular prices and ongoing promotions, Sears is introducing weekly specially-priced must-have WOW items. In-store merchandising will align more directly to what is promoted in the flyers. In order to better compete in a complex and ever-changing retail industry, the Company is committed to getting the value right for its customers - by delivering the right products in the right quantities at the right prices. As always, customers purchasing major appliances, mattresses or furniture items also have the comfort of the Sears Price Protection Plus guarantee.

"Sears has a history of being known for great value across the store every day," continued Mr. McDonald, "but we need to do this in a way that offers a better shopping experience. We invite Canadians coast to coast to come in and see the difference. We believe they'll be pleasantly impressed."

New signing has been introduced to help Sears customers find key items and this week's Sears flyer includes an introductory message from Mr. McDonald and a broad selection of products that serve as examples of the Company's new pricing initiative.

Here are some examples of lowered regular prices: Mens Levis 505,516, 550, and Point Zero Jeans Now 49.99, Was $80-$95

Men's Dockers Signature Casual Pants Now 49.99, Was $75

Women's Jessica Pointelle Henley sweater Now 29.99, Was $39.99

Top Selling Boxed Bra styles by Warners, Vogue, Wonderbra Now 19.98 and 24.98, Was $32.00 to $42.25

Pyrex Metal Bakeware Now 7.97-12.97, Was $11.99-15.99

Keurig Elite Single Serve Coffee Brewer Now 119.97, Was $149.99

ColorMates Towels (Hand, Bath, Bathsheet, etc.) Now 7.99-27.99, Was $11.99-$39.99

Everlast Pilates 3-pack Stretch Bands Now 14.97, Was $19.99

Kenmore Easy Clean coil range Now 399.97, Was $499.99

Canadian made Taurus Sofa Now 799.97, Was $1099.99

Natuzzi Editions Sicily All Leather Sofa Now 999.97, Was $1599.99

Craftsman Evolv 18V Drill Driver Kit Now 99.99, Was $129.99

Briggs 21 HP Platinum Tight-Turn Yard Tractor Now $1,699.97, Was $1999.99

In addition to over 5,000 lower prices, great promotions and discounted sales, and the outstanding value built in to every weekly WOW item, Sears customers also have the peace of mind that comes with Sears exclusive Price Protection Plus. Price Protection Plus means that if Sears customers find a major appliance, mattress or furniture item they've purchased for less at any Canadian competitor up to 60 days after purchase, Sears will match and beat the difference by 10%. Details are in store.

Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 285 hometown dealer stores, 31 home services showrooms, over 1,700 catalogue merchandise pick-up locations, 108 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.

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SOURCE: Sears Canada Inc.

Contact for Media:Vincent Power Sears Canada, Corporate Communications 416-941-4422
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Sears Canada Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.