Sears Holdings Corporation (NASDAQ: SHLD) today responded to the decision of the Ontario Securities Commission ("OSC") regarding the company's offer to acquire all of the shares of Sears Canada.
"Sears Holdings is disappointed with the decision," said Sears Holdings spokesman Chris Brathwaite. "We believe that we, as well as the Canadian banks who agreed to support the transaction, acted in full compliance with Ontario securities laws and practice throughout this process. We also believe that we fully complied with our disclosure obligations. Sears Holdings' public disclosures in respect of the offer were at all times based upon and consistent with the advice of our experienced Canadian legal counsel. We respectfully disagree with the conclusions of the OSC in its decision and have decided to exercise our right to appeal to the Divisional Court for Ontario."
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/ .
SOURCE: Sears Holdings Corporation
CONTACT: Sears Holdings Public Relations, +1-847-286-8371
Web site: http://www.searsholdings.com/