Target Canada announced that they are leaving the Candian retail industry and concentrate solely on their US stores. 133 stores across Canada will be closed down, and approximately 17000 employees will be affected by their departure.
Target Canada is reported to owe the Canada Revenue Agency more than $12-million alone, never mind millions to micellaneous creditors and other important amounts to various provincial and municipal governments.
Sears Canada is offering assistance and discounts to the workers, and will be holding job fairs across the country. Target just announced that they will be setiing up a multi million dollar fund to assist their employees.
Liquidation sales should start in the next two or three weeks. Check out their long list of Creditors here via Alvarez & Marsal.