History
Sears Canada was founded in 1953 by Sears Roebuck of Chicago and operating under joint ventures with Simpsons Ltd. as Simpsons-Sears. It later ended the relationship and began to build on its own. It later acquired Simpsons stores through bankruptcy in the 1990s. Sears Canada Bank was established in 2003 by the Office of the Superintendent of Financial Institutions (OSFI). JPMorgan Chase purchased Sears Canada Bank in 2005. Chase Card Services Canada is the current issuer of two Sears Canada credit card products, Sears Card and Sears MasterCard.
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