Target Canada Lease Auction Starts Today
Target Canada is auctioning off leases for its vacated locations starting today. This follows last week’s revelation that the insolvent retailer was returning leases for 55 stores to their landlords after failing to attract suitable bidders for the properties. Target, which announced in January it would be closing all 133 of its Canadian stores just two years after its much ballyhooed launch here, also will be terminating 19 leases for warehouse and office space, court documents say. (RioCan today said it's negotiating with retailers to take space in 15 returned Target locations.)
Leases not returned to landlords are to be auctioned off beginning today (May 5), continuing Wednesday and Thursday at the Toronto offices of Osler Hoskin & Harcourt LLP, the firm representing Target Canada in its liquidation proceedings. Earlier this year Target reached a deal with Oxford Properties Group and Ivanhoé Cambridge to return 11 store leases to the shopping mall landlords for $138M, including locations at Square One Shopping Centre in Mississauga and Upper Canada Mall in Newmarket. All of Target’s Canadian stores have been closed since early April.