Blackberry Says It Will Sell Canadian Real Estate
Blackberry plans to sell most of its Canadian real estate holdings as it works to shore up its business under new management.
The troubled smartphone maker says it plans to sell most of its commercial real estate holdings through sale-leaseback and vacant asset sales. But it says it remains committed to Waterloo, Ontario, as its headquarters.
BlackBerry pioneered the smartphone in 1999 and dominated for years but since the late 2000s the company has been hammered by competition from the iPhone as well as Android-based rivals.
Under new CEO John Chen, BlackBerry has been working to turn around its business. Last month, the company entered into a five-year partnership with a Taiwanese company in an agreement that will offload much of BlackBerry's manufacturing costs.