BUSINESS

Sears Canada and Concord Pacific sign sale-lease deal for three properties

03/11/2015 09:55 EDT | Updated 05/11/2015 05:59 EDT
TORONTO - Sears Canada Inc. (TSX:SCC) has signed a deal with Concord Pacific Group of Companies to sell and lease back three of its properties for $140 million.

The locations include stores and adjacent property at the Metropolis at Metrotown mall in Burnaby, B.C., the Cottonwood Mall in Chilliwack, B.C. and the North Hill Shopping Centre in Calgary.

Sears said it will continue to operate the stores under long-term leases and added there would be no impact on customers or employees at the stores.

The deal is scheduled to close on June 8.

Sears Canada has been struggling in recent years and cut thousands of employees as part of a widespread cost-cutting.