Lowe’s home improvement chain will be taking over the former two-storey Target location at Tillicum Shopping Centre.
It is also anticipating opening in Nanaimo as part of an agreement to buy 13 Target Canada leases and a distribution centre for about $151 million.
Press Release from Lowe’s Canada:
Lowe’s Canada announced today it has reached agreement to acquire the leases of 13 former Target Canada locations and to purchase Target’s Milton, Ontario distribution centre for a total purchase price of approximately C$151 million. This acquisition came as part of a real estate auction following Target’s decision to cease operations in Canada.
The store sites are located across Canada, many in markets where Lowe’s is underpenetrated. The distribution centre in Milton, Ontario is strategically located to serve Lowe’s current and future stores. As a result of the transaction, approximately 2,000 jobs will be created in Canada.
The proposed acquisitions are subject to court approval in Target Canada’s proceedings under the Companies’ Creditors Arrangement Act and certain other customary conditions. The court run process is expected to be completed by June 30, 2015.
About Lowe’s Canada
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company serving approximately 16 million customers a week in the United States, Canada and Mexico through its stores and online. With fiscal year 2014 sales of $56.2 billion, Lowe’s has 1,840 home improvement and hardware stores and more than 265,000 employees. In Canada, Lowe’s opened its first stores in December 2007 and now operates 38 stores in Ontario, Alberta, Saskatchewan and British Columbia with more than 6,000 employees. For more information, visit Lowes.ca.