(TSX : ALC)
ST. CATHARINES, ON, June 26, 2017 /CNW/ - Algoma Central Corporation ("Algoma" – www.algonet.com), a leading provider of marine transportation services, today announced that it would suspend efforts to sell the Station Mall in Sault Ste. Marie as a result of uncertainty created by the announcement by Sears Canada that the Sears store located in the Mall will be closed.
Sears Canada, which has been an anchor tenant of the Mall since it opened in 1973, announced on June 22, 2017 that it has filed for protection under the Companies' Creditors Arrangements Act. Sears has subsequently indicated its intention to close the Station Mall store.
Although Algoma has yet to receive formal notification of Sears' intent for the store, the Company has decided to suspend on-going discussions regarding a sale of the Mall until the uncertainty created by the announcement is resolved.
In November 2015, Algoma announced its plans to sell its interests in commercial real estate. To date, the company has sold nine properties, resulting in gross proceeds of $84.8 million. Four properties in Sault Ste. Marie and St. Catharines are currently being marketed. Options for the Station Mall, along with the Station 49 apartment building with which it shares parking spaces, are now being assessed.
Algoma Central Corporation operates the largest Canadian flag fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry bulk carriers and product tankers. Algoma also owns ocean self-unloading vessels operating in international markets. Algoma provides ship management services for other ship owners. The Company is expanding into global dry-bulk markets with investments in businesses specializing in pneumatic cement carrying vessels and in short-sea dry-bulk shipping.
SOURCE Algoma Central Corporation
For further information: Ken Bloch Soerensen, President and CEO, +1 905-687-7885; Peter D. Winkley, CPA, CA, Vice President, Finance and CFO, +1 905-687-7897