TARGET EYES WARDS SITES
Byline: David Moin
NEW YORK — Target is eyeing Montgomery Ward locations — 50 to 100 primarily in the Northeast and mid-Atlantic regions, sources said Monday.
Any deal involving a Target takeover would require bankruptcy court approval and be subject to higher bids. While it would be tough to outbid Target, a consortium of retailers could ban together to form a group buy.
Jim Hale, a senior vice president of Target said Monday, “Everybody is looking at Wards.” He added that any deals with any retailers could take some time. However, another source said a deal could be struck in 30 to 60 days.
Other retailers expected to aggressively eye Wards sites are Kohl’s and TJX Cos. The sites are well-suited to Target since they are one-level, and are 80,000 to 100,000 square feet,.
On Dec. 28, the 250-unit Wards said it would cease operations. Target has about 980 stores, and plans 75 discount and 27 Super Targets openings this year.