Sears Canada Sells More Real Estate

Sears Canada will be selling its distribution centre in Vaughan for $100 million. It will continue to occupy it until the transaction closes next year.

The department store operator also stated that it has sold another distribution centre for $8.5 million in a transaction set to close by the end of this year.

Sears has been downsizing for years due to financial losses and reduced revenue from retailing. Brandon Stranzl, the company's executive chairman said in a statement Sears Canada is taking a proactive approach to its real estate strategy.”

Sears Canada continues to have a national retail network of 166 corporate stores, 177 Hometown stores and over 1,200 pickup locations for catalogue and online sales despite selling many of its big stores in major cities.

Reference: The Globe and Mail

http://www.theglobeandmail.com/…/sears-can…/article27247394/