Target Canada finished

[DanJ]

Can't Target Canada ship the unsold inventory to their U.S. stores?

Perhaps they could have before last week, but since they filed for CCAA protection (Canadian version of Chapter 11), I assume Target doesn't control anything anymore. I read today that they say their assets pretty much cover their liabilities today, but it will be interesting to see what the assets actually get and how much of a bath the creditors take.

Also, in addition to the Starbucks being closed, the Target Mobile kisoks, which were operated by Glentel (Wireless Wave and T Booth) are also closed or closing very soon.

 

[Keebler Elf]

IMO Since they know the end is near and they will have to liquidate at fire sale prices, they should announce a across the board 20%-25% discount ( till the liquidation ) to minimize inventory. Certainly they will be liquidating at much lower rices.

They will be. They're just getting their ducks in order. They had to spend the last week meeting with employees and getting ready for the fire sale.

 

[Keebler Elf]

Can't Target Canada ship the unsold inventory to their U.S. stores?

Different companies. This is the Canadian division so they want to sell off inventory here, make whatever they can, pay off the debts they can, and the rest of the creditors are shit outta luck. Not going to ship and sell in the US just to give the money to creditors (not to mention exposing the parent company claims from creditors).

 

[Ridgeman08]

Different companies. This is the Canadian division so they want to sell off inventory here, make whatever they can, pay off the debts they can, and the rest of the creditors are shit outta luck. Not going to ship and sell in the US just to give the money to creditors (not to mention exposing the parent company claims from creditors).

Further to that end... Nicolett Enterprise is the #1 secured creditor... 3.1 billion (with a "B")... Guess who Nicolett Enterprise is?

https://www.google.ca/maps/@44.9748...ata=!3m4!1e1!3m2!1skVYcSXGpN5gaNl38qDj_JA!2e0

All the money generated by the sale of any of the inventory and assets of Target Canada will be used to pay debts of the secured creditors of which the parent company is by far the largest... Employees will be protected, (during the liquidation), as will the lawyers and the liquidators... but suppliers, landlords and subsidiaries are all screwed.

 

[thumper18474]

but suppliers, landlords and subsidiaries are all screwed.

Only if all transactions were either Not Guaranteed or Guaranteed only by Target Canada.
If I'm a landlord or a supplier....I'm asking for Lease and product guarantees from Target Corporate in the US.
There is no way I would lease major S.F to a US subsidary unless U.S HeadQuarters were gonna Guarantee my leases..
AND
If I'm a major supplier, I'm not Sending major amounts of merchandise to any Store unless I was guaranteed payment from Their US.H.Q

 

[Celticman]

Further to that end... Nicolett Enterprise is the #1 secured creditor... 3.1 billion (with a "B")... Guess who Nicolett Enterprise is?

https://www.google.ca/maps/@44.9748...ata=!3m4!1e1!3m2!1skVYcSXGpN5gaNl38qDj_JA!2e0

All the money generated by the sale of any of the inventory and assets of Target Canada will be used to pay debts of the secured creditors of which the parent company is by far the largest... Employees will be protected, (during the liquidation), as will the lawyers and the liquidators... but suppliers, landlords and subsidiaries are all screwed.

Conversely, there is the possibility that leases, lines of credit for merchandise etc are guaranteed (originally) by the parent company. I will check within my own organization.

 

[Ridgeman08]

but suppliers, landlords and subsidiaries are all screwed.

Only if all transactions were either Not Guaranteed or Guaranteed only by Target Canada.
If I'm a landlord or a supplier....I'm asking for Lease and product guarantees from Target Corporate in the US.
There is no way I would lease major S.F to a US subsidary unless U.S HeadQuarters were gonna Guarantee my leases..
AND
If I'm a major supplier, I'm not Sending major amounts of merchandise to any Store unless I was guaranteed payment from Their US.H.Q

Surprisingly no... That's just not the way it works. Every Canadian "arm" of any American company is dealt with the same way. Lawyers on both sides of the 49th parallel are making large fortunes "protecting" these massive corporations in such ways.

 

[DanJ]

Further to that end... Nicolett Enterprise is the #1 secured creditor... 3.1 billion (with a "B")... Guess who Nicolett Enterprise is?

https://www.google.ca/maps/@44.9748...ata=!3m4!1e1!3m2!1skVYcSXGpN5gaNl38qDj_JA!2e0

All the money generated by the sale of any of the inventory and assets of Target Canada will be used to pay debts of the secured creditors of which the parent company is by far the largest... Employees will be protected, (during the liquidation), as will the lawyers and the liquidators... but suppliers, landlords and subsidiaries are all screwed.

Actually not, as per the G&M article from a few days ago..

The Canadian chain also owes Nicollet Enterprise – its parent company – $3.1-billion but will subordinate the loan facility to other unsecured creditors, the filing says. It means other unsecured creditors will get priority in getting repaid over Nicollet.

 

[one.of.a.kind]

Starting tomorrow 20% to $40 off. New merchandise arriving at many locations.

Have fun and REMEMBER; you heard it here first.