Walmart picks up 39 Zellers sites from Target
The Canadian Press
Posted: Jun 24, 2011 3:52 PM ET
Last Updated: Jun 24, 2011 3:52 PM ET
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Wal-Mart has made a deal to pick up 39 Zellers leases from Target Canada. (Geoff Howe/Canadian Press)
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Walmart Canada says it has signed a deal with Target Canada to assume leases at up to 39 sites currently operated by Zellers Inc.
Terms of the deal were not disclosed.
Target signed a deal earlier this year to take over up to 220 Zellers locations from Hudson's Bay Co. for $1.825 billion.
Target announced the first 105 Zellers locations that it plans to convert to Target stores last month in conjunction with an initial payment.
The U.S.-based retailer is expected to continue to select additional locations before it makes a second payment in the fall.
Zellers locations that Target acquires, but does not convert to its banner, are expected to be leased back to Zellers or potentially other retailers.
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