LS Travel Retail North America and Gateway Newstands have executed an asset purchase agreement allowing Gateway to acquire the assets of LS Travel Retail in 34 urban retail stores in Canada.
The deal includes stores operating under banner such as Great Canadian News Co., Piccadilly Place and Maison de la Presse.
LS Travel Retail says the move allows it focus on the development and operation of its travel retail stores throughout Canada, the United States and the Caribbean islands, which are not subject to the agreement.
“This transaction represents an important and historical step in our company’s transformation as we move forward with the deployment of our strategy, in support our group’s ambitions to reinforce its position as a global leader in the world of travel retail,” says Gerry Savaria, president and CEO of LS Travel Retail .
