Hart Stores to acquire nine former SAAN store locations

18 Aug '08

1 min read

Hart Stores Inc an operator of mid-sized department stores, announces that it has entered into an Asset Purchase Agreement with PricewaterhouseCoopers Inc, as court-appointed interim receiver and receiver of the assets of SAAN Stores Ltd, to acquire only the leases and equipment relating to nine SAAN retail stores, of which eight are in Québec and one in Ontario. Hart Stores will not acquire the business or any of the merchandise of the nine stores.

The acquisition is subject to the Receiver obtaining an order from the Ontario Superior Court of Justice, (Commercial List), (the "Court") approving the sale of the Assets to Hart Stores and other conditions usual for a transaction of this nature.

It is expected that the closing of the transaction will occur on or about August 15, 2008 provided that Court approval has been obtained.

In commenting on the Asset Purchase Agreement Mr. Michael Hart, President and Chief Executive Officer of Hart Stores said: "The nine stores are located in areas where we can leverage our operations, advertising and logistics.

The stores are averaging 25,000 square feet and provide extended coverage in areas where the Company already understands the customers' needs."

Hart Stores Inc

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