Target Corp. said Friday that it has selected the final leases it will take over from Zellers Inc. on stores in Canada, laying the groundwork for the opening of 125 to 135 Target stores in the country.
Target said in January that would buy up to 220 leasehold interests of Zeller's, a subsidiary of the Hudson's Bay Co., for $1.825 billion Canadian.
The company said Friday that it had made its final selection, adding 84 more Zellers leases and bringing the total number of selected sites to 189. Leases on sites that aren't converted into Target stores either have been or will be sold to other entities.
"Target is excited to take another meaningful step toward our expansion in Canada," Tony Fisher, president of Target Canada, said in a prepared statement.
The company plans to spend $10 million to $11 million on average to convert the Zellers stores into Targets. Most of them will open in 2013 after a six- to nine-month rehabilitation period.
Until the remodeling begins, the company said, they will be subleased to Zellers and continue to operate as such.
Each Target store would employ 150 to 200 people. Target has already begun hiring.