Post by
extremerisk on Jun 01, 2017 1:01pm
Move of head office
Buried in the MDA just noticed that head office lease at Toronto Eaton Centre was terminated and company received $62 million. This is a ridicuously low amount of money to receive for 400,000 square feet of office space that still has 60 years to run. They are getting a million per year divided by 400k sq ft works out to $2.50 per sq ft. Very disappointed with this transaction. Odd unless reading something wrong here. Could be the time to through in the proverebial white towel on this one!!
Comment by
extremerisk on Jun 01, 2017 2:13pm
Other half of this lease (was total of 800000sq ft) was sold in 2013 back to landlord for $400 million so Sears Canada taking huge haircut here. Too bad as value not realized on this deep value lease. Also interested that no press release or disclosure on this. Where are these head office employees going to be moving to?
Comment by
Petroil on Jun 05, 2017 8:41pm
This company is acting exactly like a company which is willing to close, isn't it?