Online cataloger Sears Canada Inc announced details regarding the proposed distribution of the proceeds related to the sale of its Credit and Financial Services business to JPMorgan Chase & Co, a transaction which was announced on August 31, 2005.
The Company stated that it expects to net approximately $2.2 billion in after-tax proceeds on the completion of the sale of the Credit and Financial Services business and it is proposed that approximately $2.0 billion will be distributed to shareholders as an extraordinary cash dividend, subject to the completion of the transaction and arrangement of a satisfactory operating credit facility.
No determination will be made by the Board of Directors as to the exact amount of the dividend or the timing of its payment until completion of the transaction.
They trust that Shareholders will be pleased with the added value that their sale of the Sears Canada Credit and Financial Services business has generated stated Brent Hollister, President and Chief Executive Officer, Sears Canada Inc. They can now move forward focused on the profitable growth of the core retail and related services business and further simplifying the organization.
It is with this in mind that the Company is implementing a series of measures that will reduce previously planned expenses across the enterprise and lead to greater overall efficiencies. The Company plans to achieve a cost structure that reflects a lean, profitable organization competing with the best of Canadian retailers.
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