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Target and Wal-Mart in deal for Canada sites

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Target Corp. said Friday it agreed to transfer leasehold interests in up to 39 sites in Canada to rival retailer Wal-Mart Stores Inc.

Financial terms were not disclosed.

The agreement calls for Target Canada to transfer the rights for leasehold interests in up to 39 sites now operated by Zellers Inc. The sites are among up to 220 possible sites with leasehold interests that Target is acquiring as part of a previously announced real estate deal.

Last month Target selected an initial group of 105 sites, the majority of which will become Target stores, the company said.

Target plans to announce the selection of a second set of sites in the fall and expects to open between 100 and 150 stores in Canada starting in 2013.

Source : Business Week

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