This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sears Canada Provides Update On SHS Services Management Inc. Proceedings

TORONTO, March 21, 2014 /CNW/ - In light of recent reports concerning the status of customers who entered into arrangements with SHS Services Management Inc. (SHS), an Installation Services Org. (ISO) company that was an independent third party provider of home installed products and services licensed under the Sears Home Services banner, Sears Canada is providing an update on proceedings as it relates to customers.  On December 13, 2013, PricewaterhouseCoopers Inc. (the "Receiver") was appointed as Receiver pursuant to the Bankruptcy and Insolvency Act, with the mandate to liquidate assets in order to repay outstanding creditors.  Since that time, the Receiver has been discharging its duties under the supervision of the Court.

Sears apologizes to customers for the inconvenience they may have experienced as a result of the decision of SHS to cease operations and seek the appointment of the Receiver.  Sears has operated in Canada for over 60 years by pledging customer satisfaction and is committed to continue seeing the resolution of every SHS transaction so that customers receive the work for which they contracted or are refunded for services not rendered.  This has already happened in the majority of cases and Sears is working diligently to see that services are completed or refunds provided to the remaining customers.

In a report to the Court, the Receiver stated that the amount owed to customers who had made deposits but did not receive services from SHS was $1,807,702. The vast majority of these customer deposits were made by credit cards. Customers who paid using their Sears Financial credit card were either not charged or have subsequently been credited for the purchase. Customers who paid using third party credit cards have been able to obtain a refund for services not rendered.  For those customers who weren't able to obtain such refunds and for the remaining customers who paid by cash or other means, Sears will ensure that they receive the work for which they contracted or repayment. All customers who made deposits with SHS will receive services or be repaid. Inquiries from customers can be made with Sears toll-free at 1-866-506-7779.

Sears will ensure that all Sears Home Services warranties are honoured, regardless of whether Sears or SHS provided the installation.  Warranty inquiries can be made with Sears at 1-800-4-MY-HOME.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.02 0.01%
FB $101.36 1.60%
GOOG $692.98 1.50%
TSLA $158.56 7.10%
YHOO $27.66 2.30%


Chart of I:DJI
DOW 16,015.99 -11.06 -0.07%
S&P 500 1,842.49 -10.95 -0.59%
NASDAQ 4,254.0360 -29.7170 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs