Leon's to take over eight Sears locations
Shoppers make their way past the Sears store at the Eaton Centre in Toronto on Thursday, December 26, 2013. (THE CANADIAN PRESS/Chris Young)
The Canadian Press
Published Tuesday, February 23, 2016 2:16PM EST
TORONTO -- Leon's Furniture is opening eight new stores, including four in British Columbia, marking the first time the banner will operate in that province.
The national home furnishings chain says it will take over the leases of the Sears Home stores, operated by Sears Canada (TSX:SCC), at the start of the summer.
The four B.C. locations are in Abbotsford, Langley, Richmond and Victoria.
The company also has a presence in B.C. through its 27 Brick locations.
Three of the remaining new stores will be in Brampton, Mississauga and Toronto, with another one in Moncton, N.B.
Leon's Furniture (TSX:LNF) says all the stores it acquired from Sears are scheduled to open in September.
"This is a unique opportunity for us to expand our market share and lay the groundwork for continued growth," Edward Leon, president and chief operating officer, said in a statement Tuesday.
Sears Canada says turning these leases over to Leon's will help it "become a stronger company."
"We are working on rationalizing our store network to ensure our core store physical footprint is highly productive," Brandon Stranzl, executive chairman at Sears Canada, said in a news release.