|Sears Canada Completes Acquisition of Cantrex Group Inc.|
|New Management Appointed|
TORONTO, Apr 29, 2005 (Canada NewsWire via COMTEX) -- Sears Canada Inc. (TSX: SCC) has announced that it has completed the acquisition of Cantrex Group Inc.,including its wholly- owned subsidiary Corbeil Electrique Inc.
The acquisition forms part of Sears Canada's plan to further leverage its supply chain services in the furniture and appliances sectors and to provide independent retailers with the opportunity to continue to develop their business within the communities they serve.
Cantrex is Canada's largest buying group for independent merchants in the furniture, appliances, electronics, computers, floor covering and photography equipment sectors with more than 1,000 retail outlets across Canada, and offers the benefits of joint purchasing power and effective high-return marketing strategies. Cantrex has business dealings with more than 400 suppliers throughout North America.
Corbeil Electrique is Canada's largest specialty retailer of quality and innovative appliance products and services with 23 franchised stores and five company-owned stores located throughout the province of Quebec and the Ottawa Valley.
New Management Team
The new Cantrex management team consists of experienced professionals with a proven track record in the retail sector and a broad understanding of independent retailer operations. The head office of Cantrex will remain in Montreal.
Claude Senechal is appointed President and General Manager of Cantrex. Mr. Senechal has more than 30 years experience with Sears Canada. In his most recent assignment, as Executive General Manager, Mr. Senechal played an integral role in managing Sears multi-channel business in the Quebec region, including retail stores, Dealer stores, and Catalogue Sales Agents.
"Claude has been an invaluable member of the Sears Canada senior team during his many years with the Company," said Brent Hollister, President and Chief Executive Officer, Sears Canada. "He has helped maintain Sears as a trusted and respected retailer in the communities we serve within Quebec, and has made business decisions that have significantly contributed to the success of our Company. He has the breadth of experience, knowledge of our Company and dedication to its success to lead his team to grow its independent retailer network."
Mr. Denis Rochette is appointed National Financial Manager, Cantrex. Mr. Rochette has over 25 years of experience with Sears Canada in the Finance area, with almost 15 of those years in assignments located in the province of Quebec. Mr. Rochette will oversee the financial management of Cantrex. "Denis' experience will help make a significant contribution to the success of Cantrex", continued Mr. Hollister. "He will be a great support for the management team."
Claude De Luca is appointed General Manager of Corbeil Electrique. Mr. De Luca has 18 years experience with Corbeil, and was most recently responsible for store operations working directly with franchise owners and store managers to help them maintain their operations within their communities. "I would like to congratulate Claude on his appointment and welcome him to the Sears family," said Mr. Hollister.
About Sears Canada Inc.
Sears Canada is a multi-channel retailer with a network of 122 full-line department stores, 219 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.
Vincent Power, Sears Canada Inc.,