BUSINESS

12 Former Canadian Target Stores To Become Lowe's Locations In 54-Store Expansion

07/24/2015 01:11 EDT | Updated 07/24/2016 05:59 EDT
CP
TORONTO — Lowe's Canada said Friday it will spend $50 million to build two new stores in Ontario.

In addition to a dozen former Target Canada stores it recently acquired, the home improvement retailer said it will grow to 54 stores in Canada.

Lowe's acquired 12 former Target locations as well as Target's Milton, Ont., distribution centre for $147.75 million after the company decided to close its Canadian operations.

Lowe's had earlier agreed to buy 13 former Target Canada locations and the distribution centre for about $151 million, but a deal could not be reached on one of the locations.

The 14 new stores will be located across the country including four new stores in British Columbia, two in Alberta, one in Saskatchewan and seven in Ontario.

Earlier on HuffPost:

Target Canada's Empty Shelves