SYMBOL: HIS (TSXV)
LAVAL, QC, Dec. 14, 2012 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) is pleased to announce that it has completed a sale/leaseback transaction for the immovable property serving as its head office and warehouse in Laval, Quebec, which property was owned by a real estate subsidiary of Hart Stores.
The property was sold to HOOPP Realty Inc/Les Immeubles HOOPP Inc, a real estate company related to Healthcare of Ontario Pension Plan (HOOPP). Hart Stores will continue to occupy the property under a long-term lease.
"This transaction will strengthen the Company as the net proceeds from the sale of the property will be added to the working capital of Hart Stores", stated Mr. Robert Farah, the Company's President and COO.
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 60 mid-sized department stores located in secondary and tertiary market in Eastern Canada, where the Company has established a dominant position in many of the communities that it serves. The stores offer an extensive and differentiated selection of national and exclusive fashion apparel brands as well as family footwear, home furnishings, electronics, appliances, giftware, toys and seasonal goods.
SOURCE: HART STORES INC.
For further information:
Mr. Pat Filippelli
VP Finance and CFO