Lowe's is the latest retailer to announce plans to acquire former Target locations in Canada. The home improvement chain will buy 13 Target Canada leases and a distribution center west of Toronto for $151 million.
Half of the locations are in Ontario and the others are in Victoria, Nanaimo, Prince George and Abbotsford, B.C., along with two in Calgary and Regina, reported CTVNews.
The new Lowe's locations will create 2,000 jobs.
"These additional locations will accelerate our expansion across the country, enhancing our presence in Western Canada and strengthening our base in Ontario," Lowe's Canada President Sylvain Prud'homme told CTVNews.
Target will receive $26.5 million for the properties, more than it most likely would've received had each location been sold individually at auction. Lowe's joins several other retailers sweeping up Target's failed properties, including Canadian Tire and Walmart.
Last month Lowe's submitted a bid for 10 locations but has shortened the list after financial advisors determined the company could attract higher proceeds by eliminating four stores from the list.
The deal, upon approval, is expected to close by June 30.
-See this CTVNews article
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