Sears Canada Acknowledges FSCO Announcement Regarding Change in Administrator for Sears Registered Pension Plan

TORONTO, Oct. 17, 2017

http://www.fsco.gov.on.ca/en/pubs/News-Releases/Pages/2017-oct-17-sears.aspx

Sears welcomes the appointment of Morneau Shepell, with whom the Company is working closely to ensure a smooth transition of plan administration so that there is minimal impact on plan members. 

Pension Plan Member Inquiries:
All member inquiries related to individual pension entitlements can be directed to:
Morneau Shepell
895 Don Mills Road, Tower One, Suite 700
Toronto, ON M3C 1W3
Toll-free number: 1-888-841-8956
Email: searspension@morneaushepell.com

Additional Information
The Sears Canada Group was granted an Initial Order and protection under the Companies' Creditors Arrangement Act on June 22, 2017.  After no bid was received to maintain the Company as a going-concern, the Sears Canada Group received approval from the Ontario Superior Court of Justice (Commercial List) on October 13, 2017 to proceed with a liquidation of all of its inventory and furniture, fixtures and equipment located at its remaining stores beginning October 19. 

Copies of the Company's motion materials are available on the Monitor's website at http://cfcanada.fticonsulting.com/searscanada.  Information regarding the CCAA process may also be obtained by calling the Monitor's hotline at 416-649-8113 or 1-855-649-8113 (toll free), or by email at searscanada@fticonsulting.com.  Sears Canada will continue to provide updates regarding its restructuring as developments warrant.

About Sears Canada
Sears Canada Inc. is an independent Canadian digital and store-based retailer whose head office is in Toronto.  The Company operates as a separate entity from its U.S.-based co-founder, now known as Sears Holdings Corp., based in Illinois.