Sears Canada Announces Closing of Transaction with Landlord
TORONTO, April 20, 2012 /PRNewswire/ - Sears Canada Inc. (TSX: SCC) announced today that the transaction between the Company and real estate developer and landlord, The Cadillac Fairview Corporation Limited (Cadillac Fairview), regarding the return of the Company's stores at Vancouver Pacific Centre, Calgary Chinook Centre and Ottawa Rideau Centre to Cadillac Fairview for a total consideration of $170 million, has closed. The agreement which was subject to certain closing conditions, now fulfilled, was originally announced by the Company on March 2, 2012. Sears plans to exit all three locations by October 31, 2012.
Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 285 hometown dealer stores, 30 home services showrooms, over 1,700 catalogue merchandise pick-up locations, 108 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.
More by this Source
Sears Canada Offers Great Savings to Canadians this Black Friday
Nov 27, 2013, 05:50 ET
Sears Canada Announces Reorganization of its Repair Services and Parts Business
Nov 26, 2013, 16:25 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.