Sears Canada And JPMorgan Credit-Card Deal To End Next Year

Sears Canada Inc. (SRSC,SCC.TO) and JPMorgan Chase Bank, N.A. announced that their agreement relating to the Sears Card and Sears MasterCard credit cards will terminate on the expiration date set forth in the agreement, which is November 15, 2015. JPMorgan Chase will continue to service the Sears Canada credit card business to at least November 15, 2015 and will have no obligation to do so after such date.

"Our customers will be able to continue to use their Sears Canada cards through to November 2015 and we expect no interruption, with the same service levels provided previously by JPMorgan Chase," said Ron Boire, Acting President and Chief Executive Officer, Sears Canada Inc.

Sears Canada and JPMorgan Chase will work together using a request-for-proposal process to help identify options for the future of the program. In the event that a sale of the portfolio occurs, JP Morgan Chase has agreed to pay Sears Canada up to C$174 million, under certain circumstances.

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