Lansdowne Place mall has purchased the former Sears Peterborough store and property.
The Sears building closed in January as part of the nationwide shuttering of 130 stores after Sears declared bankruptcy, leading to the loss of 12,000 jobs. The Peterborough store opened in 1954 as Simpsons-Sears before the adjacent mall was constructed.
January’s closure put 90 people out of work.
According to a report from FTI Consulting, the official purchaser is the Healthcare of Ontario Pension Plan (HOOPP), which owns the mall.
HOOPP originally submitted a bid a year ago and other bids were accepted in March. A deal was reached in July.
The report says a period of negotiation led Sears Canada to determine that “the transaction proposed by the Peterborough purchaser was in the best interests of the applicants and their stakeholders.”
Financial terms of the deal or plans for the property have not been disclosed.
The transaction is scheduled to be completed on Sept. 21.