Target Heads North With $1.81B Zellers Purchase

Law360, New York (January 13, 2011, 1:34 PM EST) -- Target Corp. has announced it plans to shell out CA$1.83 billion (US$1.81 billion) to acquire up to 220 sites from Canadian retailer Zellers Inc., a move the mass merchandiser said will facilitate its expansion into the Canadian market.

Under the terms of the deal announced Wednesday, Minneapolis-based Target will purchase the leasehold interests in the sites, currently operated by Zellers, a unit of Canadian department store owner Hudson's Bay Co. The acquisition will allow the American retail giant to open its first Target stores in Canada...
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