Attention shoppers. Target Canada's liquidation sales start Thursday.
An Ontario Superior Court judge approved a plan Wednesday that will result in the sell-off of merchandise in the 133 Canadian stores, starting Thursday morning.
Justice Geoffrey Morawetz announced the deal late Wednesday in a courtroom jammed full of lawyers representing landlords, including Cadillac Fairview, and suppliers.
Target is hoping the promise of up to 30%-off sales will attract a legion of customers. Target opened for business in Canada in March 2013 and announced plans last month to close all stores.
The company realized it couldn't achieve profitability until 2021, said company spokesman Molly Snyder.
Instead of showing a profit within its first year, Target lost $7 billion and was staring at more bad years ahead.
Target Canada believes that it's crucial to launch the sell-off immediately "to maximize the amounts available to their respective stakeholders," a court document stated.
The liquidation companies involved have executed almost all major retail liquidations in Canada, including Eatons, Dylex, Bombay and Zellers.
But details of the lucrative process of selling the prime real estate holdings — including 130 leased locations — will be evolving until Feb. 11 when the parties return to court.
"We are at their mercy to find tenant replacements," said lawyer Rick Orzy, who represents RioCan and Kingsett, two major commercial landlords involved.
"Imagine the impact of losing the biggest store in a mall — it devalues a whole mall," Orzy told reporters.
"All we are really trying to do is drive the value of this asset; Target is going bankrupt, not the landlord right now."
Termination notices have been sent to the almost all of the 17,600 employees — almost half of whom work at Target stores and offices in Ontario.
Anda sedang membaca artikel tentang
Target gets OK for Canadian clearance - St. Catharines Standard
Dengan url
https://goartikelasik.blogspot.com/2015/02/target-gets-ok-for-canadian-clearance.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Target gets OK for Canadian clearance - St. Catharines Standard
namun jangan lupa untuk meletakkan link
Target gets OK for Canadian clearance - St. Catharines Standard
sebagai sumbernya
0 komentar:
Posting Komentar