Looks like Zellers may be about to be sold to Target.
CBJ – Jan. 12 – Middle-market retail chain Zellers could be sold to the highest – and likely American – bidder, according to a report today in the Globe and Mail.
Richard Baker, the real estate magnate who serves as CEO of Hudson's Bay Co., is eyeing buyers for some of HBC's Canadian outlets, particularly Zellers locations, according to the Globe. An announcement on a sale could come as early as this week, although nothing is set in stone, unnamed sources said in the report.
U.S.-based retail chains mentioned as possibly interested in Zellers' retail space include Target Corp., Kohl's and Marshalls. Wal-Mart Stores Inc., already well-established in Canada, could also pick up some of Zellers' 280 stores in an expansion bid.
Baker declined to comment yesterday on the story, the Globe said. A representative for Kohl's declined to go into specifics on Canada, but Target spokeswoman Amy Reilly told the Globe the chain is “focusing our (expansion) efforts on the immediate term on Canada.”
http://w w w.canadianbusinessjournal.ca/business_news/canadian_business_news/12_01_retail_chain_zellers_up_for_sale_report_11.h tml
