Sears Holdings Seeks Leave to Appeal to Ontario Court of Appeal and Extends Offer Until October 31, 2006
Sears Holdings Corporation (NASDAQ: SHLD) today announced that it will seek leave to appeal to the Court of Appeal from the decision of the Divisional Court relating to the company's offer to acquire all of the shares of Sears Canada. On September 19, 2006 the Ontario Divisional Court dismissed, with reasons for decision to follow at a later date, the appeal by Sears Holdings from an order of the Ontario Securities Commission cease trading the company's offer for Sears Canada.
Sears Holdings also announced that its offer for shares of Sears Canada will be extended until 5:00 p.m. (Eastern Standard Time) on October 31, 2006. A formal notice of the extension of the offer will be mailed to Sears Canada shareholders tomorrow. The offer has been extended, and may be further extended, to preserve Sears Holdings' rights under the offer pending the outcome of the appellate process.
About Sears Holdings Corporation
Sears Holdings Corporation is the nation's third largest broadline retailer, with approximately $55 billion in annual revenues, and with approximately 3,800 full-line and specialty retail stores in the United States and Canada. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands. It also has Martha Stewart Everyday products, which are offered exclusively in the U.S. by Kmart and in Canada by Sears Canada. The company is the nation's largest provider of home services, with more than 13 million service calls made annually. For more information, visit Sears Holdings' website at http://www.searsholdings.com/.
SOURCE: Sears Holdings Corporation
CONTACT: Sears Holdings Public Relations, +1-847-286-8371
Web site: http://www.searsholdings.com/