BlackBerry to Unload Majority of Canadian Real Estate Holdings

The struggling Canadian smartphone maker BlackBerry announced today it will sell the majority of its real estate holdings in Canada to “improve operational efficiencies and optimize resource usage,” reports Fox Business.

Blackberry

As advised byCBRE Ltd., by the end of May, BlackBerry will sell more than 3 million square feet of space and other vacant property. The company disclosed neither the amount involved in the deal nor the identity of the buyer.

“The successful sale of property in Canada will help us move toward our goal of continued operational efficiency,” BlackBerry CEO and Executive Chair, John Chen said. “As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters.”

The recently appointed chief executive officer, John Chen, is committed to returning the company to its roots as a maker of handsets for business users, as last year’s marathon for consumers turned out to be a failure for the Canadian smartphone manufacturer. According to Chen’s February statement, the company should lose money by the end of fiscal year (May 2015).

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