Sears Canada Announces Sale Of Its Minority Interest In Trois-RiviA¨res Joint Arrangement
TORONTO, May 16, 2014 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today that it has entered into an agreement for the sale of its 15% minority ownership interest in the Centre commercial Les Rivières shopping centre in Trois-Rivières, Quebec, a joint arrangement the Company holds with affiliates of Ivanhoé Cambridge, for pre-tax consideration of $33.5 million. Ivanhoé Cambridge is purchasing the 15% interest that it does not already own from Sears. The transaction is subject to customary closing conditions and is scheduled to close on June 2, 2014.
Sears will continue to operate its department store in the shopping centre, and Ivanhoé Cambridge will continue to manage the property. This transaction will have no effect on associates employed at the store, nor on the operation of the store which will continue to serve the residents of Trois-Rivières and surrounding area as it has proudly done since 2000 and since 1971 in its previous location in the same shopping centre.
About Sears Canada Sears Canada is a multi-channel retailer with a network that includes 176 corporate stores, 234 Hometown stores, over 1,400 catalogue and online merchandise pick-up locations, 97 Sears Travel offices and a nationwide repair and service network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.
SOURCE Sears Canada Inc.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts