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Canadian Tire is leaving its 1.5 million sq-ft warehouse and distribution centre in Brampton.
The corporate introduced at present (Nov. 15) it has offered the location for $258 million to an unnamed purchaser via a bidding course of.
Positioned at Steeles Avenue and Bramalea Street, the 93-acre website has been an enormous presence in Brampton supplying jobs in the neighborhood for greater than half a century.
“Fifty years ago, this site was a first-of-its-kind in Canada and a fundamental building block for our supply chain,” Greg Hicks, Canadian Tire’s president and CEO, mentioned within the Friday morning announcement. “In that same spirit, we have been investing and evolving, introducing modern and sophisticated facilities in the region, which are key to our supply chain of the future.”
The corporate says the distribution centre is now not wanted and as an alternative will function out of newer, extra fashionable, extra extremely automated services within the Larger Toronto Space.
It isn’t identified the way it will have an effect on jobs on the website or if staff might be transferred to different services.
“Our need for the site has decreased significantly in recent years,” Hicks continued. “This transaction offers a clear example of our ability to surface shareholder value from surplus real estate assets.”
When it first opened, the distribution centre was the most important of its form in Canada and was one of many first to be computerized within the sorting and assortment of inventory.
Canadian Tire warehouse at Steeles Avenue and Bramalea Street in Brampton
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