TORONTO, Hudson's Bay Company today confirmed that Target Corporation has identified the final 84 locations where it will assume the Zellers leaseholds as part of an agreement announced in January 2011. Target's lease selection process is now complete with a total of 189 stores leases it will assume from Zellers. As part of the agreement with Zellers, Target purchased the right to up to 220 Zellers leases for $1.825B CDN.
Today's announcement identifies an additional 84 Zellers locations to be assumed by Target in addition to the 105 stores announced in May 2011. Target has announced its first stores will begin opening in Spring 2013. Zellers will prepare its Associates for the tens of thousands of jobs that will be created by Target and other retailers through a comprehensive career transition program which includes working closely with prospective employers.
Target will provide Zellers with a minimum 6-months notice of any planned store closure, with most stores receiving 9-months notice. For the balance of 2011 and into 2012 Zellers customers will continue to be able to enjoy shopping at all of its locations across the country.
The remaining Zellers stores (84) that are not included in the Target transaction will continue to operate while the Company reviews its options for these locations.
"We are very proud of the continuing dedication of the team in our stores, pharmacies and Home Office during this transition period" says Mark Foote, President and CEO of Zellers. "Our Associates continue to do a great job serving our customers and remaining focused on our business. We all look forward to providing our customers with an exciting holiday shopping experience."
About Zellers
Zellers is the mass merchandise retailer of the Hudson's Bay Company and is a leading Canadian mass merchandise department store chain with 273 locations in communities nationwide. Offering customers clear value and price competitiveness on national and private brand merchandise is Zellers' top priority.
About Hudson's Bay Company
Hudson's Bay Company is the Canadian retail entity of Hudson's Bay Trading Company (HBTC). Founded in 1670, The Hudson's Bay Company operates the Bay, a major department store, Zellers, a mass merchandise format, Home Outfitters, a kitchen, bed and bath specialty store, and value-priced Fields stores. With more than 600 retail outlets and approximately 50,000 associates in Canada, Hudson's Bay Company banners provide Canadians with stylish, quality merchandise at great value and with a dedicated focus on exceeding customer expectations.
