Lowe’s Canada has chosen Nanaimo among the 13 leases of former Target locations the company is taking over across Canada.
The corporation announced the proposed lease acquisitions Monday and said it will also purchase Target’s Milton, Ont., distribution centre. The total cost of the deal, which came as part of a real estate auction, is $151 million, according to a media release.
Nanaimo lost an estimated 130 retail sector jobs when Target announced it was closing its Canadian stores, including its Nanaimo North Town Centre location.
Sylvain Prud‘homme, president of Lowe’s Canada, said in the media release the added locations will enhance the company’s presence in western Canada and strengthen its base in Ontario. The store sites are located across Canada in markets the company said are “under penetrated” and the transaction will result in the creation of about 2,000 jobs countrywide.
The proposed acquisitions are subject to court approval in Target Canada’s proceedings under the Companies’ Creditors Arrangement Act. The court-run process is expected to be completed by June 30.
Lowe’s opened its first Canadian stores in 2007 and now has 38 stores and more than 6,000 employees in B.C., Alberta, Saskatchewan and Ontario.