Wal-Mart buys up some Target Canada stores

Wal-Mart Stores Inc.'s Canadian unit announced it will buy several store leases and other assets formerly held by the Canadian arm of Target Corp. and renovate them for an investment of about $289 million.

According to Reuters, Wal-Mart is acquiring a distribution center, 12 store leases and an owned property.

The company plans to hire about 3,400 associates in British Columbia, Manitoba, Ontario and Quebec, and it expects to generate around 1,500 trade and construction jobs.

Read more from Reuters.