|Sears Canada Announces Program to Sell Shares from Employee Profit Sharing Plan|
TORONTO, Nov 24, 2004 (Canada NewsWire via COMTEX) -- Sears Canada Inc. (TSX: SCC) today announced it has entered into a discretionary management contract with an investment dealer for the purpose of selling employee-owned shares held in a profit sharing plan.
The Plan for Sharing Profits with Employees provides for employee and company contributions to be invested in Sears shares. These shares are broadly held by approximately 11,600 employees.
As part of an ongoing effort to optimize employee benefits, earlier this year Sears Canada announced to its employees the discontinuance of this plan effective January 1, 2005. The company will reallocate this expenditure to improving employee health and dental benefits.
Upon discontinuance of the Plan, members may retain or sell their shares in the Plan. Consequently, members have elected to sell approximately 1.0 million shares, with these sales expected to occur in a systematic manner between November 2004 and February 2005 in order to minimize market impact. Sears has granted full discretionary authority to an investment dealer in order to sell these shares continuously during this time period, notwithstanding trading restrictions that may otherwise apply.
Sears Canada is a multi-channel retailer with a network of 121 full-line department stores, 211 off-mall stores, 64 home improvement showrooms, over 2,200 catalogue merchandise pick-up locations, 112 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.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=58312
For further information: Contact: Vincent Power, Sears Canada Inc., (416) 941-4422, vpower(at)sears.ca
News release via Canada NewsWire, Toronto 416-863-9350