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Sears to close three locations

Published by Steve Coleman on March 02, 2012

The Sears department store chain plans to close three stores at malls owned by Cadillac Fairview sometime before Oct. 31.

The department store chain says it plans to close the doors at the Vancouver Pacific Centre, Calgary Chinook Centre and Ottawa Rideau Centre in return for $170 million. The deal is expected to close on or around April 20.

Sears says employees at the three locations may be offered the opportunity to apply for work at nearby Sears locations which could open before Oct. 31.

"Overall, this is a very advantageous agreement for Sears Canada," said Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc. in a news release. "While we had no plans to close stores, the transaction for these three specific locations provides an attractive financial benefit for the Company which strategically allows us to drive growth in areas which can be most beneficial. We are investing in a refresh of our stores and piloting new formats which will provide Canadians exciting ways to access Sears products and services. This is an opportunity for Sears Canada that fits well with our vision and where our strengths are as a retailer."

Sears has operated stores at the Vancouver Pacific Centre and the Ottawa Rideau Centre since 2000 and been at the Calgary Chinook Centre since 1965.

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