Sears store sold to Lans­downe Place

The Peterborough Examiner - - Front Page - JES­SICA NYZNIK Ex­am­iner Staff Writer

The for­mer Sears Peter­bor­ough store build­ing and sur­round­ing land has been sold to Lans­downe Place mall.

FTI Con­sult­ing, the re­ceiver for Sears Canada, ac­cepted the mall’s bid in July, ac­cord­ing to an FTI re­port.

The deal closes on Sept. 21. There’s no word yet on how much the mall paid for the prop­erty or what it plans to do with it.

Lans­downe Place is now owned by Health­care of On­tario Pen­sion Plan (HOOPP).

HOOPP and FTI of­fi­cials weren’t avail­able for com­ment Wed­nes­day.

Emily Dart, Lans­downe Place’s mar­ket­ing di­rec­tor, said she had no in­for­ma­tion to share Wed­nes­day.

Sears Canada closed its doors across the coun­try in Jan­uary, af­ter go­ing bank­rupt.

Nearly 90 peo­ple lost their jobs at Sears Peter­bor­ough and a to­tal of 12,000 em­ploy­ees across Canada were let go.

Mer­chan­dise and store fix­tures were sold off as about 130 Sears stores across the coun­try went into re­ceiver­ship.

FTI ac­cepted bids on Sears Peter­bor­ough un­til March 7. Sears also owned seven acres of land in the mall’s park­ing lot, which was in­cluded in the deal.

FTI’s re­port stated that Lans­downe Place’s bid was “in the best in­ter­ests of the ap­pli­cants and their stake­hold­ers.”

The mall first made a play for Sears’s prop­erty at the end of Au­gust 2017.

The two-storey build­ing an­chor­ing Lans­downe Place has sat empty since Sears closed in Jan­uary.

The store, then called Simp­sonSears, first opened in Au­gust 1954, pre­dat­ing the mall

For­mer Sears build­ings in Wind­sor and Char­lot­te­town have also been pur­chased, FTI’s re­port states.

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