Canadian Tire acquires Target sites

TORONTO — Canadian Tire Corporation Ltd. has made a deal to acquire 12 strategic real estate leases formerly held by Target Canada. The $17.7 million deal is still subject to court approval in connection with Target Canada’s CCAA proceedings.

The newly acquired store locations are: one each in Halifax and Moncton, three in Quebec, two in Ontario, one in Manitoba, and four in British Columbia. The sites will add approximately 400,000 square feet of retail space to Canadian Tire Retail’s store network.

According to Michael Medline, president and CEO of Canadian Tire, the company has been tracking certain Target properties for some time. He adds the 12 they chose fit strategically and financially into their store network.

(Full details of the exact locations in the next issue of HARDLINES. Not getting your weekly issue of HARDLINES? Click here for a free trial!)