Sears Canada Inc. (SCC.TO) announced Friday that it will enter into a series of transactions related to two stores within shopping centres co-owned by Oxford Properties Group and Alberta Investment Management Corporation.
The transactions give the Co-Owners the right to require Sears to vacate the stores by March 31, 2014 and provide for a total consideration of $191 million to be paid to Sears on closing of the transactions which is expected to be on June 24, 2013.
The two Sears store locations are at Yorkdale Shopping Centre in Toronto and at Square One Shopping Centre in Mississauga.
In addition, Sears has agreed to sell an option relating to a third store located at Scarborough Town Centre to the Co-Owners for financial consideration of $1 million, also to be paid by June 24, 2013. The Co-Owners have five years to exercise the option on this property at a fixed total cost of $53 million.
Sears Canada will be offering all associates working in these stores continued employment with Sears in locations within the Greater Toronto area.
Sears has operated in Yorkdale Shopping Centre and Scarborough Town Centre since 1991 and at Square One Shopping Centre since 1973.
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