Leon's to take over eight Sears locations

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.

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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.


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