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Thursday, January 13, 2011

Target to enter Canada with Zellers deal, own plans, (NYSE: TGT)

U.S. retailer Target Corp (TGT.N) on Thursday announced plans to enter the Canadian market, taking over leases for up to 220 Zellers stores owned by storied retailer Hudson's Bay Co. Target said it would pay Zellers Inc C$1.825 billion ($1.84 billion) for the leases and would run the stores under the Zellers brand name for "a period of time." In 2013 and 2014 it expects to open up to 150 Target stores in Canada. (Reporting by S. John Tilak; editing by Janet Guttsman) (; +1 416 941 8067)