This morning, Target Canada Co. announced that it will complete its inventory liquidation efforts and close the last of its 133 Canadian retail stores to the public on April 12. In addition, Target Canada’s three distribution centres and Mississauga headquarters have been closed. Liquidator-led fixture sales will continue in some locations. The company has been winding down its operations since January 15, 2015 when it obtained an Initial Order for protection from the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act ("CCAA").
“We are pleased with the results of the liquidation sales to date and the speed at which we have moved through the wind-down process. We want to once again thank all Target Canada team members for their hard work and great adaptability through this process,” said Aaron Alt, Target Canada CEO. “The court-approved real estate sales process is underway and is expected to be completed by the end of June 2015.”
Additional information regarding Target Canada’s CCAA proceedings will continue to be available on the Monitor’s website at www.alvarezandmarsal.com/targetcanada.