Canadians, Target is moving in.
Zellers is going to slowly be replaced by Target all over Canada.
U.S. retailer Target said Thursday it is buying the store leases of Canadian discount retail chain Zellers from the U.S. investor who owns the Hudson's Bay Co. assets for $1.8 billion.
Under terms of the deal, Minneapolis-based Target will make two payments of $912.5 million in cash, in May and September 2011, to acquire the leasehold interests of 220 Zellers locations in Canada.
The Zellers locations will continue to exist under that brand name for "a period of time," HBC said in a release. But Target will convert 100 to 150 of those Zellers locations to Target stores in 2013 and 2014 and possibly sell the rest of the current Zellers network of store leases to other retailers.
Are you going to miss Zellers? I grew up with it, so I'm going to miss it.