Target snags Zellers stores for $1.8-billion

[Banjo]

The U.S. cheap-chic discounter Target Corp is snapping up most of the Zellers stores in Canada from its Hudson’s Bay parent in a $1.8-billion deal announced on Thursday morning that promises to transform the domestic retail landscape.

Target will open 100 to 150 stores in 2013 and 2014 and unload many of the rest of the outlets to other chains, including Wal-Mart Stores Inc.

The complex deal, which involved negotiations with multiple retailers and landlords, will eventually see the Zellers name disappear from the Canadian retail field, sources said.

To read more: http://www.theglobeandmail.com/globe...rticle1868308/

It's Woolco all over again. Not that it's a bad thing since I don't like shopping at Zellers. I find their stores to be poorly managed and often dirty. Not to mention now sloppy they are at stocking their inventories.

I think it's good news though. The Zellers brand is tainted enough these days.

I just realized I put this in the wrong section of the forum. Mods, can you please move this? Thanks.