ARTICLE:
Canadian Tire to buy 12 Target property leases in Canada
Quote:
Retailer Canadian Tire Corp Ltd (CTCa.TO) said it would buy leases for 12 properties previously held by the Canadian unit of Target Corp (TGT.N) for $17.7 million.
The 12 locations, spread across the country, will add about 400,000 square feet of retail space to Canadian Tire Retail's store network, the company said on Wednesday.
Apart from its namesake automotive and homeware stores, Canadian Tire also operates Mark's, a casual and industrial wear retailer, and FGL Sports, whose store brands include Sport Chek, Hockey Experts and Sports Experts.
"We've been tracking certain Target properties for some time and when the opportunity came up, we moved quickly and secured virtually all of them," Canadian Tire CEO Michael Medline said in a statement.
U.S. discount retailer Target, granted creditor protection for its money-losing Canadian subsidiary, in April closed the last of its 133 retail stores in Canada.
Canadian retailers Metro Inc (MRU.TO) and Hudson's Bay Co (HBC.TO) have also shown interest in leasing Target's properties.
Canadian Tire did not specify if the deal value was in U.S. or Canadian dollars.
Toronto-based Canadian Tire's shares were down 1.1 percent at C$126.55 on the Toronto Stock Exchange.
|
Well, 12 down and 121 to go.
Toy-wise for us collectors this means nothing. Hopefully you "car guys" are happy.
Metro and Hudson Bay doesn't me get excited.
Curious if you would prefer more Wal-Marts or TRUs to pick up a few more locations?
Or would the malls be smarter if they broke up that space more smaller stores to occupy?
======================================
UPDATE
NEWER ARTICLE:
Canadian Tire to buy 12 formerTarget locations to fill out store network
Quote:
TORONTO - Canadian Tire Corp. says it has a deal to buy 12 real estate leases through the court-supervised windup of Target Canada.
Canadian Tire (TSX:CTC-A.TO - News) says it will pay $17.7 million for the leases once the deal is approved.
The stores are in five provinces in a variety of small and large communities.
Four of the locations are in British Columbia in Courtney, Cranbrook, Vernon and Victoria.
Three are in Quebec, with two in Montreal and one in Rimouski.
Two are in Ontario (Aurora and Sudbury) while the other three are in Halifax, Moncton, N.B., and Winnipeg.
Canadian Tire chief executive Michael Medline says the purchase will allow the company to accelerate its growth, improve its retail network and provide its customers with more convenient locations and larger stores.
|
