Target leaving Canada!

[torontogal12]

You know if I had a nickel for every time someone said to me "you buy clothes online?! What if they don't fit!?" Or shoes, etc...I would be rich. I have been hearing this for almost a decade now. Canadians do not shop online as much as some seem to think they do.

LOL then just return them... I buy about 90% of my clothes online. Anything that is final sale and doesn't work out I just sell on Kijiji or ebay

[tjthemanto]

Target Canada owes more than $5-billion to creditors

From India to Milton, Target Canada owes money

http://www.thestar.com/business/2015...creditors.html

Target Canada owes money to nearly 1,800 businesses around the world, from India to Shanghai and Brampton to Winnipeg.

[tjthemanto]

Yup they are smart .

Target USA has lot of money , if they want they can easily pay the bills of Target Canada.

But guess what , they are smart. They want to declare bankruptcy for Target Canada & not slowly pay the bills through Target USA.

By doing that they can dust their hands of Target Canada ..when you declare bankruptcy the suppliers & creditors can't touch you..lot of these suppliers & creditors are also screwed ..they will be just getting pennies on the dollar..for their goods & merchandise. While the Canadian laws & courts, protect Target Canada. So its not just the employees, some distributors/suppliers will also lose a lot, and looks like some bills won't be paid in full.

There is a reason why they declared bankruptcy , and didn't slowly wind down like Zellers.

I was right , not only they want to screw their own employees , they want to screw their creditors too. Target USA has enough money to pay everyone, but by declaring bankruptcy for Target Canada , they can weasle out of all their commitments.

Target Canada owes more than $5-billion to creditors

From India to Milton, Target Canada owes money

http://www.thestar.com/business/2015...creditors.html

Target Canada owes money to nearly 1,800 businesses around the world, from India to Shanghai and Brampton to Winnipeg.

[BumbleB]

Their list of creditors is mind boggling

http://www.alvarezandmarsal.com/site...%202015)_0.pdf

[scouponer]

Good life fitness is interested in taking over the target locations.

[tjthemanto]

Their list of creditors is mind boggling

http://www.alvarezandmarsal.com/site...%202015)_0.pdf

Yup ..most of them are going to get pennies on the dollars, after all is said & done. Some of them won't be paid at all.

Also, whatever little that they do get paid after all the lawyer fees et al , is not going to be immediate. Its going to take ages for all this to work its ways through courts .

So in addition to the 17,600 Target workers , who are affected by this , I think its going to affect lot of other companies & their workers. Probably some layoffs over there too.

Imagine you are a small company or an individual & now your goods & money is stuck with Target . Its bound to affect your cash flow & your business in a negative way. You were maybe depending upon this money to survive & apy your bills & your employee salaries

[Dinobuzz]

Good life fitness is interested in taking over the target locations.

Just what we need, more gyms.....

[scouponer]

Just what we need, more gyms.....

I know I would prefer to have some sort of retail but at least this should bring traffic to malls and is better than sitting empty. Plus wouldn't it be great to have a gym with an elevator and escalator...who wants to run up the stairs while working out. Lol

[dizzyb]

Their list of creditors is mind boggling

http://www.alvarezandmarsal.com/site...%202015)_0.pdf

No kidding.
I don't totally understand how all of this works, but re: amounts. The entry for Nicollet Enterprise (which appears to be Target's foreign branch, same address as US) shows an amount owing of over $3 billion. Individual entries for what I assume are departments of Target's main headquarters amount to about $110 million. CRA $12 million. Ouch.

[FallenPixels]

No kidding.
I don't totally understand how all of this works, but re: amounts. The entry for Nicollet Enterprise (which appears to be Target's foreign branch, same address as US) shows an amount owing of over $3 billion. Individual entries for what I assume are departments of Target's main headquarters amount to about $110 million. CRA $12 million. Ouch.

Maybe stock they bought from the US company to get better pricing on wholesale costs?

[FallenPixels]

I know I would prefer to have some sort of retail but at least this should bring traffic to malls and is better than sitting empty. Plus wouldn't it be great to have a gym with an elevator and escalator...who wants to run up the stairs while working out. Lol

My Target doesn't have an escalator lol

[tjthemanto]

No kidding.
I don't totally understand how all of this works, but re: amounts. The entry for Nicollet Enterprise (which appears to be Target's foreign branch, same address as US) shows an amount owing of over $3 billion. Individual entries for what I assume are departments of Target's main headquarters amount to about $110 million. CRA $12 million. Ouch.

Target Canada owns Target USA , 3 billion ..lol . Its like your left hand owes your right hand money , and you declare bankruptcy and take off.

There is money in your left hand, but you don't give it to someone you borrowed it from , because its not in your right hand.

Create seperate corporate identies , pay your ex CEO $ 61 million golden handsake for running the company into the ground & then hide behind the courts & bankruptcy laws. No one goes to jail for this..nice con job.

The only people suffering are the creditors & 17,600 employees.

Plus there are lot of third party contract workers , who are not Target employees ..like the people who clean the store , maintain the store , some delivery & supply drivers , some night security guards etc etc, who will be affected by this too , in addition to the 17,600 direct Target workers.

My friend works for a store , where all the delivery drivers who deliver goods to customer's homes ..are third party independent workers, although the truck has the store logo on it . They get paid per delivery & are not direct store employees, so no benefits , no fixed pay roll as such. They have to pay for the truck & maintain it etc , pay for insurance ..everything from their owm pocket.

[Decaf]

Target Canada owns Target USA , 3 billion ..lol . Its like your left hand owes your right hand money , and you declare bankruptcy and take off.

That smells like creative accounting.

[redfox]

http://globalnews.ca/news/1790027/ta...id-taxes-rent/

[mooseofmice]

I hate that people who have never been interested in shopping at Target are gonna be able to take advantage of clearance sales. >.<