We do not believe that the fourth-quarter represents a turnaround in Sears Canada's business prospects.

We believe this is a fair price for Sears Canada. Sears Canada faces tough competition from a slew of retailers, not only in Canada but also those from the U.S. who are making inroads into Canada. And we believe Sears Canada will have a greater opportunity to succeed with the cost savings and the management direction that Sears Holdings would bring with full ownership.

We believe the benefits that will come from integration will help Sears Canada in its struggle to succeed.

While we are pleased to see improvement in their business, we believe that this is a fair price for the asset.

It's not worth the incremental investment to carry three names when we believe two will do.