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Target Canada to Officially Begin Liquidation Process
Target Canada to Officially Begin Liquidation Process

Target Canada to Officially Begin Liquidation Process

Target Canada has received court approval to begin liquidating its stock Thursday.

Lackluster sales figures prompted Target to announce earlier this year that it would vacate its stores by mid-2015, with a firestorm sale to take place beforehand.

On Wednesday afternoon, a judge with the Ontario Superior Court approved a liquidation of assets, which will begin on Thursday.

Stock will be priced from 5-30% off, with the company to then start selling off its fixtures once distribution centres have been cleared out.

Target has already started to dwindle its perishable stock, no longer carrying things like eggs and milk, while its staffing totals have also begun to drop.

The company says about 80 of 770 people remain at its Toronto headquarters; 17,000 staff members will be released in total.

Agencies/Canadajournal




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