Accelerates Lowe's Expansion Across Canada
TORONTO, May 11, 2015 /PRNewswire/ -- Lowe's Canada announced today it has reached
agreement to acquire the leases of 13 former Target Canada
locations and to purchase Target's Milton, Ontario distribution centre for a
total purchase price of approximately C$151
million. This acquisition came as part of a real
estate auction following Target's decision to cease operations in
Canada.
"Since opening stores in Canada
in 2007, we have developed a successful model for providing the
Canadian customer with outstanding service and quality products for
the home," said Sylvain Prud'homme,
president of Lowe's Canada. "These additional locations will
accelerate our expansion across the country, enhancing our presence
in Western Canada and
strengthening our base in Ontario.
We are excited to bring Lowe's to more customers in more
communities in Canada, further
demonstrating our commitment to this important market."
The store sites are located across Canada, many in markets where Lowe's is
underpenetrated. The distribution centre in Milton, Ontario is strategically located to
serve Lowe's current and future stores. As a result of the
transaction, approximately 2,000 jobs will be created in
Canada.
The proposed acquisitions are subject to court approval in
Target Canada's proceedings under the Companies' Creditors
Arrangement Act and certain other customary conditions. The court
run process is expected to be completed by June 30, 2015.
About Lowe's Canada
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE®
100 home improvement company serving approximately 16 million
customers a week in the United
States, Canada and
Mexico through its stores and
online. With fiscal year 2014 sales of $56.2 billion, Lowe's has 1,840 home improvement
and hardware stores and more than 265,000 employees. In
Canada, Lowe's opened its first
stores in December 2007 and now
operates 38 stores in Ontario,
Alberta, Saskatchewan and British Columbia with more than 6,000
employees. For more information, visit Lowes.ca.
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SOURCE Lowe's Companies, Inc.