Sears Canada sells back 2 store leases for C$191 million

06/16/2013 | Wall Street Journal, The · Financial Post (Canada)

Sears Canada will close two stores in March of next year after making a deal to sell the leases back to the landlords for C$191 million, part of the retailer's ongoing push to raise cash. "When transactions such as this become available, we must evaluate the trading value of a store compared to the value of the proposal, and make the appropriate decision in assessing the best long-term benefit for the company," said CEO Calvin McDonald.

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Wall Street Journal, The · Financial Post (Canada)

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