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 and the savings could start as early as Thursday.
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 here in Canada.
Target opened in Canada in March 2013, but failed to deliver on customer expectations with shoppers finding generally higher prices than in the U.S. and problems with supply and demand The company’s CEO Brian Cornell cited that they did not foresee profitability until 2021.
Also for sale along with inventory will be the the furniture and equipment of the organization.
Target Canada has been granted court protection from creditors and is now in the process of winding down its operations.
According to court documents, the liquidation sale will not include any marketing using the term: “going out of business.”
BOTTOM LINE: Thursday could be Black Friday here in Canada!
SOURCE: o canada.com, target.ca