Transaction|April 24, 2012
Sears Canada announces sale of Cantrex Group
Torys acted as counsel to Sears Canada, working with Daniel Westreich, Associate Vice-President, Senior Corporate Counsel. The Torys team included Patricia Koval, Omar Wakil, Jessica Bullock and Mitch Frazer.
On April 24, 2012, Sears Canada Inc. (TSX: SCC) announced the agreement to sell its Cantrex Group operations to Nationwide Marketing Group, LLC. Sears Canada will be maintaining ownership of Corbeil Electrique Inc., a well-recognized brand in the major appliance retail market.
Cantrex was purchased by Sears Canada in 2005 in order to further develop its merchandising, buying, and logistics services in the furniture and appliance sectors. Corbeil became part of the Sears portfolio through this purchase and recently Sears has announced its plans to expand Corbeil's operations to the Greater Toronto Area this year.
The transaction is expected to close by the end of April.
Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 285 Hometown Dealer stores, 30 home improvement showrooms, over 1,700 catalogue merchandise pick-up locations, 108 Sears Travel offices and a nationwide home maintenance, repair and installation network.
Further information can be found on Canada Newswire's website.
Cantrex was purchased by Sears Canada in 2005 in order to further develop its merchandising, buying, and logistics services in the furniture and appliance sectors. Corbeil became part of the Sears portfolio through this purchase and recently Sears has announced its plans to expand Corbeil's operations to the Greater Toronto Area this year.
The transaction is expected to close by the end of April.
Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 285 Hometown Dealer stores, 30 home improvement showrooms, over 1,700 catalogue merchandise pick-up locations, 108 Sears Travel offices and a nationwide home maintenance, repair and installation network.
Further information can be found on Canada Newswire's website.