Target will soon be invading our Canadian neighbors.
The US retail giant is set to buy Canadian retail chain Zellers from Hudson’s Bay Co.
The price tag? Just a mere $1.8 BILLION!
Target will take over 220 Zellers locations in Canada which will continue to operate under their current name for a period of time.
But by 2013, Target will begin to convert 100 to 150 of those locations to Target stores. The rest of the store leases will be sold to other retailers.
According to a release by HBC:
“This transaction provides attractive long-term value and will allow us to invest substantial capital into our department store and specialty store businesses to continue to drive growth.”
Will U miss your local Zellers?
Jan 13, 2011 15:30pm PDT
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