Retailers are cherry-picking some of Target Corp.'s former stores north of the border.
Wal-Mart, Canadian Tire buy some Target spots in Canada
Wal-Mart and Canadian Tire Corp. are taking 25 of the 133 stores Target closed recently.
May 9, 2015 at 4:15AM
On Friday, rival Wal-Mart Stores Inc. said it would buy 13 former Target Canada stores and one of its defunct distribution centers. Earlier in the week, Canadian Tire Corp. said it would take over 12 store leases.
Target's 133 stores in Canada have been up for grabs since the Minneapolis-based retailer decided in January to close its Canadian operation, which racked up more than $2 billion in losses.
Last month, it shuttered the last of the Canadian stores. About 17,600 employees lost their jobs.
Wal-Mart already has 395 stores in Canada. As it adds the former Target assets, it said it will hire 3,400 new employees and is investing $290 million to buy and renovate the stores.
"Wal-Mart is committed to the Canadian market, and this agreement helps us accelerate our growth plans ensuring more Canadians have access to our low prices," Dirk Van den Berghe, Wal-Mart Canada's chief executive, said in a statement. "The 13 stores acquired are well situated."
The transaction is subject to court approval as part of the bankruptcy process Target undertook in Canada.
Other Canadian retailers, such as Metro Inc. and Hudson's Bay, have also expressed interest in taking over some of Target's defunct stores.
Not all of Target's Canada locations are coveted. The retailer decided to return 55 leases to their landlords on properties where it could not find suitable bidders, according to the Globe and Mail in Toronto.
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The funding is expected to give more than 5,000 Minnesotans, especially in rural areas, high-speed broadband access across the state and help at least 139 businesses and 368 farms.
