Wal-Mart Canada has made an agreement to acquire 12 former Target Canada stores and one distribution centre now that Target has said goodbye to its locations north of the border.
The deal of the Target leases, one owned property and the distribution centre, amounts to $165 million and is part of a $350 million expansion project, says the Globe and Mail.
The locations Wal-Mart has nabbed are in British Columbia, Manitoba, Ontario and Quebec. The new stores and distribution centre should create about 2,400 in-store jobs, 1,000 in the centre and 1,500 construction jobs.
After Target Canada failed to make an impact in the country, it closed all of its 133 stores. The Wal-Mart transactions are subject to approval from the court under the Companies’ Creditors Arrangement Act.
“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,” said Dick Van der Berghe, Wal-Mart Canada’s president and chief executive officer, in a press release.
“The 13 stores acquired are well situated, and we are excited to bring Wal-Mart’s successful Supercentre offer to customers in these markets.”
