Walmart Canada to Assume Leasehold Rights in Zellers Sites
June 27, 2011,
MINNEAPOLIS and MISSISSAUGA, Canada-Walmart Canada has reached an agreement with Target Canada to assume the leasehold interests in up to 39 sites now operated by Zellers.
The sites are among the up to 220 possible locations whose leaseholds Target is acquiring from Hudson's Bay Co., in a real-estate deal announced in January. Specific locations in this new agreement will be announced later this fall. Terms of the transaction were not disclosed in statements issued by both Walmart and Target.
Walmart Canada currently operates 325 stores north of the border. The company's statement said it now serves more than 1 million customers in its Canadian stores each day.