TORONTO — According to a court filing this week, Target Canada has been unable to find suitable bidders for 55 of its sites, which they now plan to return to their landlords.The company, which went into bankruptcy protection in January, had operated 133 stores before they shut them all down, after just two years in Canada.
The fact that the company is struggling to find new tenants for nearly a third of their sites is another sign that the surge of retail expansion in Canada is petering out, according to the Globe and Mail.
Among retailers believed to be interested in some of the Target leases are discounter Wal-Mart Canada Corp., generalist Canadian Tire Corp., grocer Loblaw Cos. Ltd., and home-improvement specialist Lowe’s Canada. Even struggling Sears Canada Inc., which has been closing stores, bid on some of Target’s leases, sources say.
