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Sears Canada is closing five of its department stores, including its flagship location in Toronto’s Eaton Centre, as part of a $400-million deal.
Sears plans to sell the leases of those five stores to mall operator Cadillac Fairview, in what would be the biggest sale since the retailer began shedding assets and cutting jobs in an effort to turn around its struggling operations.
The planned closure of the Eaton Centre location, by 2014, is notable as it is considered the company’s flagship store and is in a central tourist area.
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