March 2, 2012 / 1:43 PM / 6 years ago

UPDATE 1-Sears Canada to shut three of its flagship stores

TORONTO, March 2 (Reuters) - Sears Canada Inc said on Friday it is shutting down three of its flagship stores in Vancouver, Calgary and Ottawa, in a move that will allow it to raise capital to reinvest in store refreshes at other locations.

The company plans to shut stores at the Vancouver Pacific Centre, the Calgary Chinook Centre and the Ottawa Rideau Centre by Oct. 31 and return the stores to developer Cadillac Fairview Corp Ltd for C$170 million.

All three stores are located at centers owned and managed by Cadillac Fairview, the company said. The transaction is expected to close on or around April 20.

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