Target Finalizes Canada Deal With Zellers
MINNEAPOLIS (AP) – Target said Friday that it completed its lease deal with Canadian retailer Zellers Inc. and plans to open 125 to 135 stores in Canada beginning in 2013.
In January, the company said it agreed to acquire most leases of Zellers, the first move off U.S. soil for the No. 2 U.S. discount chain.
In May, the company selected an initial group of 105 leases it would either open as Target or transfer to other retailers or landlords. On Friday it added 84 more to that group for a total of 189. From the second group of 84, Target has acquired leasehold interests for 29 locations, most of which will open as Target stores beginning in 2013. Thirty-nine have been transferred to Wal-Mart Stores Inc. in a deal announced in June. Others will be sold to other Canadian retailers or back to landlords.
In all, Target plans to open 125 to 135 stores in Canada, most in 2013, beginning in March of that year.
Target shares closed up a penny at $49.14.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)