HOFFMAN ESTATES, Ill., May 18 /PRNewswire-FirstCall/ -- Sears Holdings Corporation today responded to the Ontario Securities Commission ("OSC") notice that it will hold a hearing on July 5, 2006, to address various matters relating to the Sears Holdings offer for the shares of Sears Canada Inc.
"We welcome the OSC review of the various inaccurate and self-serving accusations made by a group of US speculators and arbitrageurs who have attempted to obstruct the will of the majority of the minority shareholders of Sears Canada," said Alan Lacy, Sears Holdings vice chairman. "We also look forward to the OSC considering as part of the hearing the actions of these investors that we have brought to the attention of the OSC."
Mr. Lacy added, "We expect a prompt resolution of this matter and confirmation that Sears Holdings has successfully satisfied all the necessary conditions to complete its acquisition of all of the shares of Sears Canada."
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/ .
