Some big mall owners may welcome a speedy Sears exitJuly 19, 2017 10:04 am
The future of iconic Canadian retailer Sears Canada is in doubt and the ramifications of its current restructuring could have an effect – good and bad – on a score of shopping centres across Western Canada.
It could also throw a wrench into a $100 million joint venture development deal at Burnaby’s Metropolis at Metrotown, B.C.’s largest shopping centre, where Sears holds 140,000 square feet of space.
But, as Sears teeters, owners of some major shopping centres may quietly be cheering the potential exit of their largest tenant, according to insiders.
In a statement issued June 13, Sears Canada said it was struggling in the face of mounting losses and expressed doubts it could continue “as a going concern.”
Categorized in: Western Investor