Sears store sold to Lansdowne Place
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.