(TSX : ALC)
ST. CATHARINES, ON,
June 26, 2017 /CNW/ - Algoma Central
Corporation ("Algoma" – www.algonet.com), a leading provider of
marine transportation services, today announced that it would
suspend efforts to sell the Station Mall in Sault Ste. Marie as a result of uncertainty
created by the announcement by Sears Canada that the Sears store
located in the Mall will be closed.
Sears Canada, which has been an
anchor tenant of the Mall since it opened in 1973, announced on
June 22, 2017 that 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.
About Algoma
Algoma Central Corporation operates the largest Canadian flag
fleet of dry and liquid bulk carriers on the Great Lakes - St.
Lawrence Waterway, including self-unloading dry-bulk carriers,
gearless dry bulk carriers and product tankers. Algoma also owns
ocean self-unloading vessels operating in international markets.
Algoma provides ship management services for other ship owners. The
Company is expanding into global dry-bulk markets with investments
in businesses specializing in pneumatic cement carrying vessels and
in short-sea dry-bulk shipping.
SOURCE Algoma Central Corporation