BUSINESS

Lowe's Canada Buys 13 Former Target Stores In $151-Million Deal

05/11/2015 02:58 EDT | Updated 05/12/2015 07:59 EDT

TORONTO — The Lowe’s home improvement chain has a deal to buy 13 former Target Canada locations and a distribution centre west of Toronto for about $151 million.

Lowe’s Canada says the stores are across Canada and the distribution centre is in Milton, Ont.

It said about 2,000 jobs will be created by the transaction but didn’t disclose details.

Lowe’s is the latest major retailer to acquire pieces of Target’s former 133-store Canadian retail network through a court-supervised auction, following Canadian Tire and Walmart Canada.

Minneapolis-based Target Corp. announced in January that it would pull out of Canada, barely two years after entering the market to much fanfare, saying it didn’t expect the operation could be profitable for several years.

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