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Wed, Mar 18th, 2015, 09:26 PM #6871
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Wed, Mar 18th, 2015, 09:33 PM #6872
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Wed, Mar 18th, 2015, 10:08 PM #6873
Wow, that is a little nuts. But I think in a big picture what Target did with ordering hoards of stock just before closing and bouncing checks on their suppliers is WAY worse. Don't get me wrong, I would NEVER steal and don't minimize it, just saying Target is stealing on a much larger scale. I don't know, perhaps the 'thieves' were one of the supplier's ex-employees that got let go because of Target's unpaid bills. At least that's what I imagine in my lalaland head. What Target did might be legal (bankrupcy and all) but it's not moral. I still love their stuff, but reading all those things in the last couple of days, they sunk close to the Walmart level for me. But that's just one girl's opinion.
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Wed, Mar 18th, 2015, 11:34 PM #6874
My local store has gone from having more stock than ever before to suddenly having huge empty spaces. After the first week of liquidation when it was crazy, it has always been really quiet. I'm wondering if they have started packing and shipping stock elsewhere? I went in and bought 8 LED light bulbs normal price $20 each 45% off incl Red card so $11 each and a 5 year warranty (manufacturer - not Target!!). I also got solar lights for the garden 16 x $2 with 45% off making them $1.10 each.
Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
PC Insiders please use my code LR1507 you get $25 and I get $10 in points
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Wed, Mar 18th, 2015, 11:40 PM #6875
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To the best of my knowledge, it's not true that we ordered hoards of inventory before closing. Most of HQ were not aware of the closing until the day of the announcement (1/15 Thu), and only a few senior leaders were told the night before (1/14 Wed). I actually heard on 680 News on my way to work 5 mins away from the office and was thinking "WTF?!"
I wasn't in merchandising but worked closely with them and with our vendors and service providers, both imports and domestically and from the US. From what I know we didn't order much more that we should have, and certainly not in anticipation of us "closing."
What we did do was to try and delay receiving certain spring inventory until February instead of January knowing that there won't be any meaningful sales until later. The way we ordered before we had way too much buffer time built in. So we would have been holding way too much inventory especially for fiscal year end.
Having worked in merchandising in other retailers, I can say it is not uncommon to "move/shift" inventory for year end (or even month end) to make inventory numbers look better. But the result would have been that all of a sudden you end up seeing a "peak" during the same time that didn't exist the year before. But looking at the big picture, it may very well have been merely a "shift" in where the "peak" hit.
And then there was the fact that we were out of stock on lots of stuffs and us making conscious efforts to get better at in stock... So does that mean that we were ordering more that we may have the year before? Probably I would say? Logical right?
I don't know if that would have entirely answered the question... but to me it is at least partially a factor in the entire picture.
Sorry if I have sounded defensive... but as much as I am upset about the decision to close (and disagree with the "math" behind it to say that we wouldn't have been profitable till 2021,) I truly don't think my colleague made intentional decisions to gain from our suppliers in unethical ways... we have made lots of inventory related mistakes and so there were lots of things that we were fixing...
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Wed, Mar 18th, 2015, 11:46 PM #6876
lol no they were just low life thieves. I agree with your post and I think that is why Target or the liquidator doesn't care. Any money collected from sales is going to pay off the debts owed to suppliers. So why do any of them care if they suffer losses. I'm sure the remaining employees want the store to shut down ASAP so as long as the merchandise disappears one way or the other that's all that matters. who knows... I'm hoping the item I want to buy drops in price tomorrow. I just went there to make sure there was still sufficient stock.
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Wed, Mar 18th, 2015, 11:49 PM #6877
heh tablecloths.. I saw them unpacking 1000's of tablecloths the other day. They basically set up a whole isle of tablecloths. However they did the same thing with toasters and I was like they are never going to sell hundreds of these toasters and then the other day they were pretty much all gone...
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Thu, Mar 19th, 2015, 12:22 AM #6878
Ok, what you're saying makes sense. I am sure none of the employees were aware of this, it would have gotten out if they were, but I still feel like there is fishy things going on, with the cancelled checks where they were previously payed by wire transfer, a lot of unanswered questions... I just feel like instead of sticking with it they took the easy way out and now it affected so many people caught in the turmoil. but that's another thread. sorry, rant over.
Last edited by lessismore_MTL; Thu, Mar 19th, 2015 at 12:35 AM.
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Thu, Mar 19th, 2015, 12:36 AM #6879
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the take the easy way out part I definitely agree with!!! a combination of short term investor interest, and the new CEO's mandate to turn the company around and therefore his choice taking drastic actions to "make a mark..." somehow the 5 billion one time loss by closing down sounded a lot more than the losses that we would have incurred over the next 5 years since we were narrowing that gap...
The "inter company debt" and bouncing cheque part does sound fishy and I don't know the finance side of it so I definitely won't try to defend the company. could Target US finance and pay for goods and services provided by our suppliers? I would imagine so. Honestly I feel bad for our suppliers and service providers.. the impact is far beyond the 17,000 +750 people within Target losing the jobs...
Sorry going super off topic now.
Back on track; I was at Centerpoint, they took earlier price cuts, including baby and kitchen appliances to 40% so I speculate the same categories will go down tomorrow at other stores....
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Thu, Mar 19th, 2015, 02:23 AM #6880
Its because liquidators are in control of how many hrs we get. So it is a combination of them not giving a crap and their hours being cut to the bare minimum.
Some stores have third party Security and i feel they do all.
A birdy told me discounts are going up tmr.
Let the madness begin.
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Thu, Mar 19th, 2015, 07:13 AM #6881
Everything 40-60% off now.... let the craziness begin!
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Thu, Mar 19th, 2015, 07:27 AM #6882
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Thu, Mar 19th, 2015, 07:32 AM #6883
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Just got this in email:
Couldn't get the entire email but yay!
denise
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Thu, Mar 19th, 2015, 07:34 AM #6884
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I'd say the 60% is probably off the cards & wrap & whatever else was 50% last week. Wonder about toys though?
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Thu, Mar 19th, 2015, 07:35 AM #6885
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2nd half of the email:
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