TORONTO, Dec. 12, 2012 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today that its Board of Directors declared that an extraordinary cash dividend of $1.00 per share on all Common Shares of the Company, or approximately $102 million, will be paid on December 31, 2012 to shareholders of record as at the close of business on December 24, 2012. Sears Canada hereby notifies shareholders that it designates the full amount of the dividend to be paid on the common shares, to be an "eligible dividend" as defined in subsection 89(1) of the Income Tax Act ( Canada), and in any similar provincial and territorial tax legislation. Sears Canada is a multi-channel retailer with a network that includes 195 corporate stores, 269 hometown dealer stores, 8 home services showrooms, over 1,500 catalogue and online merchandise pick-up locations, 102 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca. SOURCE Sears Canada Inc.