by Administrator, The
, posted on 8:16 AM, January 13, 2011
Target Corporation to Acquire Interest in Canadian Real Estate from Zellers Inc., a Subsidiary of Hudson’s Bay Company, for C$1.825 Billion
Canadian Target Stores to Open Beginning in 2013
MINNEAPOLIS (Jan. 13, 2011) —Target Corporation (NYSE: TGT) announced today that it has agreed to pay C$1.825 billion to purchase from Zellers Inc., a subsidiary of the Hudson’s Bay Company (HBC), the leasehold interests in up to 220 sites currently operated by Zellers Inc. This transaction will allow Target to open its first Target stores in Canada beginning in 2013.
“This transaction provides an outstanding opportunity for us to extend our Target brand, Target stores and superior shopping experience beyond the United States for the first time in our company’s history,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. “We are very excited to bring our broad assortment of unique, high-quality merchandise at exceptional values and our convenient shopping environment to Canadian guests coast-to-coast. We believe our investment in these leases will strengthen the surrounding communities as well as create strategic and financial value for Target stakeholders.”