Sears Holdings Corporation (NASDAQ: SHLD) announced today that its wholly-owned subsidiary, SHLD Acquisition Corp., has filed a proxy circular to permit it to solicit proxies in connection with the November 14, 2006 meeting of the shareholders of Sears Canada Inc. At the meeting shareholders will be asked to consider a proposed consolidation of the shares of Sears Canada, which if approved in accordance with all legal requirements, would result in Sears Canada becoming a wholly-owned subsidiary of Sears Holdings. On October 23, 2006 the Ontario Securities Commission issued a stay of its August 8, 2006 cease trade order to permit Sears Canada to hold the meeting. The holding of the meeting complies with all requirements of the Canada Business Corporations Act and has been authorized by the Ontario Securities Commission.
A copy of the SHLD Acquisition Corp. proxy circular may be found at http://www.sedar.com/ at the profile of Sears Canada. Sears Holdings encourages Sears Canada shareholders to review this proxy circular in its entirety.
Sears Holdings also announced that SHLD Acquisition Corp. has extended its take-over bid for all the shares not already owned by Sears Holdings and its affiliates to 5:00 p.m. (Toronto time) on November 20, 2006. As a result of the cease trade order issued on August 8, 2006 by the Ontario Securities Commission, no Sears Canada shares may be accepted or taken up under such offer.
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 3,900 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/ .
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SOURCE: Sears Holdings Corporation
CONTACT: Sears Holdings Public Relations, +1-847-286-8371
Web site: http://www.searsholdings.com/