Thompson's Giant Tiger store is one of five that the North West Company will continue to own and operate after selling 34 of its 46 Giant Tiger stores to Giant Tiger Stores Limited March 12.
The North West Company is receiving $45 million for the stores and may receive up to $22.5 million more, if they meet profitability milestones.
The North West Company will continue to operate five stores not included in the transaction. These include the locations in Thompson, The Pas, La Ronge and Meadow Lake in Saskatchewan and Sioux Lookout in Ontario.
“We feel those stores have got more upside,” said North West Company CEO Edward Kennedy, adding that the Thompson store is one of the largest in Canada in overall sales.
One Giant Tiger location in Prince Albert, Sask. will be converted into a Valu-Lots clearance centre, while six others, including one in Winnipeg, one in Weyburn, Sask. and some in Alberta, will be closed down later this year.
