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“This transaction represents an important and historical step in our company’s transformation“ |
Gerry Savaria President and CEO LS travel retail North America |
CANADA. LS travel retail North America has signed an agreement to sell 34 urban retail stores in Canada to Gateway Newstands. These include stores currently operating under banners such as Great Canadian News Co., Piccadilly Place and Maison de la Presse.
This move allows LS to further align with “a strategic focus towards the development and operation of its network of travel retail stores” throughout Canada, the US and the Caribbean islands (which are not subject to the aforementioned transaction), the company said.
Adding to various locations in airports and train stations across North America as well as in resorts in Arizona, LS will also continue to operate existing resort stores in Niagara Falls and Niagara-on-the-Lake, Ontario as well as in Banff, Alberta.
“This transaction represents an important and historical step in our company’s transformation as we move forward with the deployment of our strategy, in support our group’s ambitions to reinforce its position as a global leader in the world of travel retail,” said LS travel retail North America President and CEO Gerry Savaria.
The agreement is said to be subject to closing conditions typical of commercial real estate transactions. LS is being advised by the real estate broker Northwest Atlantic (Canada) Inc. on the due diligence and closing of this transaction.
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