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Target sets sights on Canada
MINNEAPOLIS - Just days after announcing 2011 U.S. expansion plans, Target announced an acquisition in Canada that will enable it to open between 100 and 150 stores during the next four years. The company announced that it has agreed to pay C$1.825 billion to purchase from Zellers Inc., a subsidiary of the Hudson's Bay Company, the leasehold interests in up to 220 sites currently operated by Zellers Inc. This transaction will allow Target to open its first Target stores in Canada beginning in 2013.
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Office Depot buying Svanstroms Gruppen
Boca Raton, Fla. -- Office Depot is buying Swedish office supply company Svanstroms Gruppen in order to expand its presence there.
Terms were not disclosed.
Office Depot first entered the Swedish market in 2004 through a strategic alliance with AGE Kontor & Data AB.
"We've been successful in this market and see continued growth and high potential in the region," said Charlie Brown, president of Office Depot's international division, said in a statement on Tuesday.