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

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.


source: WSJ, Reuters via FierceWireless

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11 Comments

1. axllebeer

Posts: 272; Member since: Apr 05, 2011

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

2. jellmoo

Posts: 2629; Member since: Oct 31, 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.

3. thealphageek1

Posts: 942; Member since: Feb 02, 2013

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

4. PAPINYC

Posts: 2315; Member since: Jul 30, 2011

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

5. Alan01

Posts: 628; Member since: Mar 21, 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.

6. PAPINYC

Posts: 2315; Member since: Jul 30, 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]

7. Mxyzptlk unregistered

I told him he needs to work on his titles.

9. jellmoo

Posts: 2629; Member since: Oct 31, 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.

10. x78_nothing

Posts: 53; Member since: Feb 07, 2013

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

11. eznuel

Posts: 15; Member since: Oct 08, 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

8. DAMONORIBELLO

Posts: 109; Member since: Mar 18, 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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