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By Special to MoneySense on February 3, 2015
Estimated reading time: 1 minute

Target liquidation sales could start Thursday

By Special to MoneySense on February 3, 2015
Estimated reading time: 1 minute

Retailer seeks court approval Wednesday

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(The Canadian Press)

TORONTO – Liquidation sales at Target’s Canadian stores could begin as early as Thursday. Target Canada will seek court approval Wednesday to allow a group of liquidation companies to start to sell off the contents of its Canadian stores. The U.S.-based retailer announced last month that it will be closing all 133 of its Canadian stores and laying off more than 17,000 staff, just two years after its highly anticipated launch north of the border. The company took over old Zellers stores and opened in Canada in March 2013, but failed to deliver on customer expectations. Shoppers found higher prices than in the U.S. and nearly bare shelves due to problems with the distribution chain. In explaining the decision to close its Canadian stores, chief executive Brian Cornell said he didn’t expect Target Canada to reach profitability until at least 2021. Target Canada has been granted court protection from creditors and is now in the process of winding down its operations. In addition to its remaining inventory, the furniture and equipment will also be sold during the liquidation sale. Court files specify the liquidation companies are not to advertise the sales as “bankruptcy” or “going out of business” sales.

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