Walmart to pick up Canadian leases from Target

MISSISSAUGA, Ontario — Walmart Canada has agreed to assume leasehold interests from Target Canada in up to 39 sites that currently are operated by Zellers.

Specific locations will be identified later this fall. Terms of this transaction were not disclosed.

The sites are among up to 220 possible sites whose leasehold interests Target is acquiring as part of a real-estate transaction announced in January. In May, Target selected its initial group of 105 sites, the vast majority of which will become Target stores.

Target plans to announce the selection of a second group of sites this fall and expects to open 100 to 150 Target stores throughout Canada beginning in 2013.

Walmart Canada currently operates 325 stores.