Sears Holdings to shed a few Canadian units
Retail Editor 3 -- Home Textiles Today, June 14, 2013
Hoffman Estates, Ill. - As Target begins rolling out in Canada and with Nordstrom preparing to enter the market, Sears Holdings announced transactions related to three store leases - and raised the question of whether more may follow.
The company has signed a deal to sell the leases of two Sears Canada units - Yorkdale Shopping Centre in Toronto and at Square One Shopping Centre in Mississauga - back to their landlords for $191 million.
Sears Holding has also agreed to an option that would allow the co-owners of its department store at Scarborough Town Centre. The company will receive $1 million upfront for the contract, which gives the potential acquirers five years to exercise the options at a total cost of $53 million.
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