Sears sells, leases back 3 locations

TORONTO — Sears Canada will sell three of its properties to Concord Pacific Group of Companies and lease back the properties for $140 million.  The after-tax proceeds, including adjustments, are currently estimated to be approximately $130 million.  The stores are at the Metropolis at Metrotown in Burnaby, B.C.; Cottonwood Mall in Chilliwack, B.C.; and North Hill Shopping Centre in Calgary. Sears will continue to operate the stores under long-term leases and says there will be no impact on customers or staff. The deal is scheduled to close around June 8.