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Walmart Canada will purchase 13 former Target Canada locations in four provinces, along with one former Target distribution center in Cornwall, Ontario, for about $136.5 million, subject to court approval and other conditions. Additionally, over the next few months, the retailer expects to spend about $153 million on renovations, with grand-opening dates and other details for each location to be confirmed later.
"Walmart is committed to the Canadian market, and this agreement helps us accelerate our growth plans ensuring more Canadians have access to our low prices," noted Dirk Van den Berghe, president and CEO of Mississauga, Ontario-based Walmart Canada, adding, "The 13 stores acquired are well situated."
Walmart plans to hire about 3,400 new associates in the provinces of British Columbia, Manitoba, Ontario and Quebec, while the renovation projects are expected to generate around 1,500 trade and construction jobs.
This acquisition is in addition to a $281.3 million investment in 29 Supercenter projects, its distribution network and e-commerce ventures that Walmart Canada unveiled in February.
Minneapolis-based Target Corp. closed all 133 of its stores in Canada by April of this year, having struggled to gain a foothold ever since its 2013 launch in that country.
A division of Bentonville, Ark.-based Wal-Mart Stores Inc., Walmart Canada currently operates 395 stores nationwide, consisting of 282 Supercenters and 113 discount stores, as well as an e-commerce website.