To our valued customers.
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  REINVENTING SEARS CANADA  
 
 
  To our valued customers,

About 18 months ago, Sears Canada embarked on an unprecedented reinvention plan with a scale, scope and speed of change rarely seen in corporate history. We are reinventing how we do business with a clear mission: to make our customers lives better by solving their needs with digital and non-digital solutions. We have upped our game on product innovation and quality at amazing prices that pop. We have showcased these product innovations in a gut renovation of our customer experience, across our digital platform - both online and on mobile - and in-store with the new Sears 2.0 format. We've also hit Control-Alt-Delete in our customer service department, and set a goal of making best-in-the-world customer service - delivering WOW to customers - a key part of our culture.

We have developed our brand positioning and value proposition to be radically clear by curating and building our apparel and home goods to focus on (1) the new Sears Label and pillar partner brands, which feature the highest quality products at amazing everyday prices, and (2) the Cut @ Sears, which features of the moment fashion and home dcor from designer labels, in a treasure-hunt environment and at less than expected prices. We are the first and only website and the only store that offers our own brand and designer labels for less under one roof. We adapted the same brand positioning in our mattress and appliance businesses, by moving away from the on again - off again sales promotion model, to our tech-savvy price scraping model. In this model, we check the prices on all the mattresses and appliances available in the market at our competitors' stores every day, and we re-price ours to be the best in Canada every day, guaranteed. We've checked the prices so you don't have to, and you can rest assured knowing that there is not a better price available on your mattress or appliance purchase anywhere.

In summary, we've changed in the past 18 months, and our efforts seem to be resonating with many of you, as measured by the datapoint that after over 10 years of same store sales declines, we now seem to be showing nascent signs of growth. We are focused on listening to you, our valued customers, to continue our on-going reinvention and to learn how we can make your life a little better by creating digital and store-based solutions for your needs. You can follow our reinvention at sears.ca/reinvention.

All of the above being said, Sears Canada has just been through a long decade during which it was not innovating and reinventing its business, not listening to customers and not evolving to serve Canada's needs. This has left Sears Canada in the unfortunate position of having parts of the company that are no longer applicable to our customer needs, nor financially viable. We have come to a crossroads where it is no longer possible for Sears Canada to continue to deliver on its promise of providing digital and store-based solutions to current customer needs while simultaneously supporting all its legacy infrastructure. In short, our reinvention will now require us to restructure the business so we can focus solely on the future without many of the legacy-related burdens.

As part of this effort, and after careful consideration, in order to continue to serve our customers and chart our path forward, Sears Canada has filed for and obtained protection from its creditors with the intention of further restructuring our business. We are going to close some of our stores, which is in part recognition that many of our customers prefer to shop online, and because we want to be a more focused retailer. While we are focused on making these great changes, there are still a lot of things that Canadians love about Sears Canada that will not change: 		 
 
 
  · Our newly-styled product selection, including our new Sears label products, featuring high quality at amazing prices, and The Cut @ Sears, where you can find on-trend, designer brands in fashion and home dcor for 30-60% less;

· The ability to shop in-person or online at our new, easy-to-navigate website http://www.sears.ca/;

· The terms of any warranty or extended warranty you may have on products like major appliances and mattresses;

· Our "no questions asked" 30-day return policy at continuing stores;

· The ability to redeem gift cards and loyalty points at continuing stores. 		 
 
 
  Our reinvention is not yet complete but quite a bit of progress has already been made. So please come visit us at sears.ca to see the exciting changes and improvements we are making every day.

Thank you for supporting Sears Canada and Sears.ca. You - our customers - are our lifeblood and most important asset. We are listening and evolving to serve you better. We look forward to seeing you soon.

Sincerely,

Brandon G. Stranzl
Executive Chairman
Sears Canada