The owner of the Station Mall in Sault Ste. Marie is suspending its efforts to sell the shopping centre.
Algoma Central Corporation announced on Monday evening it would suspend efforts to sell the Station Mall, as a result of uncertainty created by Sears Canada closing its store in the mall.
Sears Canada, which has been an anchor tenant of the mall since it opened in 1973, announced on June 22 it has filed for protection under the Companies' Creditors Arrangements Act. Sears has subsequently indicated its intention to close the Station Mall store.
Although Algoma has yet to receive formal notification of Sears' intent for the store, the company has decided to suspend on-going discussions regarding a sale of the mall until the uncertainty created by the announcement is resolved.
In November 2015, Algoma announced its plans to sell its interests in commercial real estate.
To date, the company has sold nine properties, resulting in gross proceeds of $84.8 million.
Four properties in Sault Ste. Marie and St. Catharines are currently being marketed. Options for the Station Mall, along with the Station 49 apartment building with which it shares parking spaces, are now being assessed.
