Sears Canada to sell stake in eight properties
New York — Sears Canada announced that it has reached a definitive agreement to sell its 50% joint venture interest in eight properties it owns to Montez Income Properties Corp. for approximately $300 million (C$315 million). Sears’ joint venture partner in the properties is The Westcliff Group of Companies.
The company said it will sell its interests in four regional shopping centers, two strip centers and two open-air retail centers.
The agreement is subject to customary closing conditions including site investigations and financing. The transaction is scheduled to close on Jan. 8. The properties involved are comprised of four regional shopping centers, two strip centers and two open-format retail centers. Westcliff will continue as 50% owner and exclusive manager of the properties.
Sears stores that are currently situated on these properties will remain in operation; there will be no impact on customers or associates in these stores as a result of this transaction.
"As we have previously stated, unlocking the value of assets is a lever we use as a way to help create total value," said Doug Campbell, president and CEO, Sears Canada Inc. "The joint venture assets we are selling to Montez impact neither our store operations nor our ability to serve customers. As such, our primary focus in creating long-term value remains on the basics of the business and continuing to become more relevant with Canadians coast to coast."
Toys ‘R’ Us sets Black Friday weekend deals
Wayne, N.J. — Toys “R” Us will open its stores at 5 p.m. on Thursday, Nov. 28, offering more than 300 doorbuster values, while supplies last, from four-hour deals and Thursday-through-Saturday discounts on hot toys, games and tablets, to gift with purchase offers. New this holiday season, Toys "R" Us will provide its Rewards “R” Us members the exclusive opportunity to take advantage of select Thanksgiving Weekend deals and discounts on Wednesday, Nov. 27.
The 28-page Toys "R" Us circular is set to arrive in newspapers across the country beginning Wednesday, but will be available for preview on Sunday, Nov. 24 on the company’s Facebook page.
Plus, for the first time ever, customers can shop the majority of the Toys "R" Us Thanksgiving Weekend deals starting at 12:01am on Thursday at the retailer’s web site. Additionally, shoppers who spend $75 or more at any Toys "R" Us or Babies "R" Us store nationwide between Thursday, Nov. 28 and Friday, Nov. 29 will receive a $10 coupon redeemable in-store or online Sunday, Dec. 1 through Saturday, Dec. 7.
Target to open at 8 p.m. on Thanksgiving
New York — Target Corp. has joined the growing ranks of retailers who will open earlier on Thanksgiving this year. The company said it is making the change in response to competitive pressure and demand from shoppers.
Target stores will open on 8 p.m. on the holiday, an hour earlier than last year. Stores will remain open throughout the night and close at 11 p.m. on the day after Thanksgiving, Nov. 29.
Kathee Tesija, executive VP of merchandising at Target, told The Associated Press that she felt the 8 p.m. time was just right, based on the competitive landscape, and the sentiment among shoppers and its own store staff.
Target will also be offering hundreds of deals online on Thanksgiving morning that will include almost all deals that will be available in the store. In addition, the discounter said it will be feature 15 online-only daily discounts for two weeks beginning Sunday, Nov. 24.