Sears Canada seals $383M lease sale deal, to close 5 stores

Sears Canada will close its flagship store in downtown Toronto along with four other stores in a lease sale of nearly $383 million to mall operator Cadillac Fairview and its partners. Three of the stores are slated to close by the end of February and the other will be closed a year later, the company said. The announcement of the deal sparked speculation that U.S. retailers including Nordstrom may look to lease one or more of the vacated spaces, said John Crombie, senior managing director of national retail services at Cushman and Wakefield.

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