TORONTO, Sept. 23, 2011 /CNW/ - 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."
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.
SOURCE Hudson's Bay Company
For further information:
Media Contact: Tiffany Bourré, External Communications Manager, Hudson's Bay Company, 905-595-7184, firstname.lastname@example.org