|Sears Canada Announces Change in Ownership of Controlling Shareholder|
|Sears, Roebuck and Co. and Kmart Holding Corporation complete merger|
TORONTO, Mar 31, 2005 (Canada NewsWire via COMTEX) -- Sears Canada Inc. (TSX: SCC) today announced a change in ownership of its controlling shareholder resulting from the recent merger transactions involving Sears, Roebuck and Co. and Kmart Holding Corporation which formed Sears Holdings Corporation (Nasdaq: SHLD). Sears, Roebuck, the owner of approximately 54.3% of the issued and outstanding shares of Sears Canada, is now a wholly-owned subsidiary of Sears Holdings.
The merger transactions were completed on March 24, 2005. Sears Holdings is now the third largest retailer in the United States, with approximately U.S. $55 billion in annual revenues and nearly 3,500 retail stores, including 2,350 full-line and off-mall stores, and 1,100 specialty retail stores.
Sears Canada is a multi-channel retailer with a network of 122 full-line department stores, 218 off-mall stores, 64 home improvement showrooms, over 2,200 catalogue merchandise pick-up locations, 113 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.
For further information: Vincent Power, Sears, Corporate Communications,
News release via Canada NewsWire, Toronto 416-863-9350