Nov 11 Sears Canada Inc said it would
sell its 50 percent stake in eight Canadian properties for about
C$315 million ($300.30 million), as the struggling department
store chain continues to offload real estate in the country.
The company said it will sell its interests in four regional
shopping centers, two strip centers and two open-air retail
centers to Montez Income Properties Corp, a unit of Montez Corp,
which invests in real estate.
The deal comes almost two weeks after Sears Canada,
controlled by Sears Holdings Corp, said it would close
its flagship downtown Toronto store and end the leases on four
other locations in a C$400 million deal.
Sears Canada said on Monday its partner, The Westcliff Group
of Companies, will continue to hold its 50 percent stake and
exclusively manage the eight properties.
Sears Canada said the stores on the properties will remain
open and that it expects the deal with Montez to close on Jan.
Sears has suffered steep declines in same-store sales and
has lost market share amid tough competition from U.S. rivals
like Wal-Mart Stores Inc and Target Corp.
Toronto-based Sears Canada had joint venture interests in 11
shopping centers across Canada with Westcliffe and Ivanhoe
Cambridge Properties, according to its 2012 annual report.
Shares of Sears Canada closed at C$16 on the Toronto Stock
Exchange on Friday.