Lowe's Canada Acquires 13 Former Target Locations

Home improvement retailer Lowe's has acquired the leases for 13 former Target locations in Canada, and plans to open up new stores that could employ as many as 2,000 people. Lowe's said it purchased the retail storefronts, as well as Target's former distribution hub in Milton, Ontario, for $151 million at an auction of the leases run by the court-appointed monitor overseeing Target Canada's insolvency. Earlier this year, Target announced it would close all of its stores in Canada, less than two years after opening. All of the chain's 133 stores were closed by mid-April.