TORONTO, Oct. 29 (UPI) -- Sears Canada said it would sell the leases of five stores to mall operator Cadillac Fairview in a deal worth $400 million.
The Canadian Broadcasting Corp. reported Tuesday the deal includes the lease for Sears Canada's flagship store in the Eaton Center in Toronto.
That store will close in 2014, CBC reported.
Sears said the employees displaced by the deal could be assigned new positions in the company. About 965 employees are affected by the deal and they will have to apply for new positions, Sears Canada said.
The four other stores include Sears outlets in Sherway Gardens in Toronto, London-Masonville Place in London, Ontario, Markville Shopping Center in Markham, Ontario, and Richmond Center in Richmond, British Columbia.
Sears Holding Corp., the majority owner of Sears Canada, said Tuesday that it is currently favoring a strategic plan to spin off its Lands' End retail brand. It is also considering strategic options for the Sears Auto Center division.
