CANADA: Sears returns stores to Cadillac Fairview
Retailer Sears Canada has completed a deal to return three of its stores to real estate developer and landlord, The Cadillac Fairview Corp, generating CAD170m (US$170.5m).
The company announced the agreement, which was subject to certain closing conditions, last month. The stores concerned include Vancouver Pacific Centre, Calgary Chinook Centre and Ottawa Rideau Centre. Sears plans to exit all three stores by the end of October.
The US retailer said it was looking to raise around $770m through the moves, generating $270 from the property sales and between $400-500m from the spin-off.
Sears Canada has 196 corporate stores, 285 Hometown dealer stores, 30 home services showrooms, over 1,700 catalogue merchandise pick-up locations.
Help test our new apparel sourcing tool.
Retailer Sears Holdings has received US$446.5m in gross proceeds from the completion of its spin-off of its Hometown and Outlet businesses....
Retailer Sears Holdings has revealed it expects to receive US$346.5m in proceeds from a rights offering linked to the spin-off of its Hometown and Outlet businesses....
The board of Sears Holdings has approved the US retailer's plan to spin-off its Hometown and Outlet businesses, which sell tools and appliances....
- Rana Plaza four years on – Timeline of change
- Why collaboration is key to fashion supply chains
- Industry groups reaffirm commitment to Bangladesh
- Trump and Brexit get a dose of pragmatism
- Using worker surveys to drive supply chain change
- Adidas to digitalise Speedfactory concept
- Nike filed patent for "reinforced denim"
- M&S extends sourcing deal with Lindsey brothers
- Gap unveils five-year sustainable fibres pledge
- US Q1 in brief – Columbia Sportswear, Amazon
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar