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13 is lucky number for U.S. retailers in Canada


On the heels of Walmart's decision to acquire 13 Target locations in Canada comes an announcement from Lowe's, which has also decided to acquire 13 Target Canada leases as well as distribution center in Ontario.

The deal is worth about $125 million.

"Since opening stores in Canada in 2007, we have developed a successful model for providing the Canadian customer with outstanding service and quality products for the home," said Sylvain Prud 'homme, president of Lowe's Canada. "These additional locations will accelerate our expansion across the country, enhancing our presence in Western Canada and strengthening our base in Ontario. We are excited to bring Lowe's to more customers in more communities in Canada, further demonstrating our commitment to this important market."

The store sites are located across Canada, many in markets where Lowe's is underpenetrated. The distribution center in Milton, Ontario, is strategically located to serve Lowe's current and future stores. As a result of the transaction, approximately 2,000 jobs will be created in Canada.

The proposed acquisitions are subject to court approval in Target Canada's proceedings under the Companies' Creditors Arrangement Act and certain other customary conditions. The court run process is expected to be completed by June 30 , 2015.

Lowe's has 1,840 home improvement and hardware stores and more than 265,000 employees. In Canada, Lowe's opened its first stores in December 2007 and now operates 38 stores in Ontario, Alberta, Saskatchewan and British Columbia with more than 6,000 employees.

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