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BlackBerry moving out of Canada? Troubled manufacturer is selling off its Canadian properties

Posted: , by Alan F.

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BlackBerry moving out of Canada? Troubled manufacturer is selling off its Canadian properties
On Tuesday, a statement from BlackBerry started up the speculation that the troubled manufacturer might be leaving Canada. The company said that it would be selling the "majority" of its Canadian property in an effort to bolster the health of its declining balance sheet. Helping out will be real estate company CBRE. BlackBerry said that it wants to sell off the properties "through a combination of sale-leaseback and vacant asset sales."

BlackBerry currently has its headquarters in Waterloo, which is where the majority of its real estate lies. The handset producer also has some holdings in Toronto and other areas of Ontario. The company is looking to jettison 3 million square feet of office space. Last month the company raised $37 million by selling off 5 buildings and some accompanying land, to the University of Waterloo.

Wells Fargo analysts Maynard Um, Munjal Shah and Santosh Sankar estimated that BlackBerry could raise $600 to $700 million from the sale of the properties. Considering that in the last two quarters, the company has written down more than $3.5 billion of unsold BlackBerry 10 handsets, the cash raised by any real estate sale would be put to good use by bolstering BlackBerry's balance sheet.

Despite speculation about a possible move out of Canada, BlackBerry CEO John Chen issued a statement reiterating the company's commitment to remain headquartered in Waterloo, and its desire to maintain a strong presence in Canada.

"BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs. This initiative will further enhance BlackBerry's financial flexibility, and will provide additional resources to support our operations as our business continues to evolve."-John Chen, CEO, BlackBerry

source: WSJ, Reuters via FierceWireless

11 Comments
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posted on 22 Jan 2014, 13:10 2

1. axllebeer (Posts: 265; Member since: 05 Apr 2011)


Well, they have cut thousands of jobs, so what do they need the space for anyway?

posted on 22 Jan 2014, 13:26 6

2. jellmoo (Posts: 666; Member since: 31 Oct 2011)


Why have a headline that reads "BlackBerry moving out of Canada?", when the article doesn't support that, and in fact states the very opposite?

I get that you want to get click throughs, but that is absolutely disingenuous.

posted on 22 Jan 2014, 13:36 4

3. thealphageek1 (banned) (Posts: 942; Member since: 02 Feb 2013)


Agreed! This is sensationalism at its finest. You guys should try headlines that stick to the actual subject in the article.

posted on 22 Jan 2014, 13:47 1

4. PAPINYC (Posts: 2280; Member since: 30 Jul 2011)


And, yet they have the unmitigated gall to send warnings when we write "off-topic"! Huh - the nerve!!

posted on 22 Jan 2014, 13:57 1

5. Alan01 (Posts: 185; Member since: 21 Mar 2012)


That is why we employ a question mark on a headline...there is obviously speculation that BlackBerry is moving out of Canada or else John Chen would not have addressed the issue.

Regards,
Alan F.

posted on 22 Jan 2014, 14:03 1

6. PAPINYC (Posts: 2280; Member since: 30 Jul 2011)


'in a headline', Alan; "on" would be grammatically incorrect. However,
"on", can be used in a title on a marquee or on a sign. [puns intended]

posted on 22 Jan 2014, 14:57 1

7. Mxyzptlk (limited) (Posts: 3510; Member since: 21 Apr 2012)


I told him he needs to work on his titles.

posted on 22 Jan 2014, 16:34 3

9. jellmoo (Posts: 666; Member since: 31 Oct 2011)


Then let me ask you, which headline is more accurate:

"BlackBerry moving out of Canada? Troubled manufacturer is selling off its Canadian properties"

Or

"Blackberry is staying in Canada, even though the troubled manufacturer is selling off most of its Canadian properties."

One actually reflects what is inside the article, while the other is a rather sensationalist statement. Chen didn't throw that statement out there because of speculation that Blackberry was leaving Canada (which is an idea that only exists within this article, and not the source articles), the statement exists because there are selling property and wanted a clear message.

posted on 22 Jan 2014, 18:39

10. x78_nothing (Posts: 53; Member since: 07 Feb 2013)


Poor Alan, trying to earn money with kind of article.

posted on 23 Jan 2014, 01:02

11. eznuel (Posts: 13; Member since: 08 Oct 2013)


People now know you detest blackberry. Why would you even use such a headline?? All I see is someone who's is trying too hard to sink them and it's no longer working

posted on 22 Jan 2014, 15:49 1

8. DAMONORIBELLO (Posts: 85; Member since: 18 Mar 2012)


Because news channels like this only care about clicks and views, even if the article is off topic. This is why I want to slap people all day because they spew this BS to other people and accept it as fact. Kinda like how this Country was founded.

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