"U.S. retailer Target said Thursday it is buying Canadian discount retail chain Zellers from Hudson's Bay Co. for $1.8 billion. Under terms of the deal, Zellers locations will continue to exist under that brand name for "a period of time," HBC said in a release. But Target will open 100 to 150 Canadian locations in 2013 and 2014 and assign the rest of Zellers' current network of 220 stores to other retailers. "This transaction provides attractive long-term value and will allow us to invest substantial capital into our department store and specialty store businesses to continue to drive growth," HBC governor Richard Baker said in a release. The sale of these leasehold interests is estimated to create over 20,000 net new jobs in Canada and has the potential to generate over $1.5 billion in Canadian economic activity through the renovation of Zellers locations, the release said."
Source: http://www.cbc.ca/money/story/2011/01/13/target-zelles-takeover.html
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