Go to Main Content

Advertisement

By Special to MoneySense on February 4, 2015
Estimated reading time: 1 minute

Target liquidation to begin as early as Thursday

By Special to MoneySense on February 4, 2015
Estimated reading time: 1 minute

Expect discounts of up to 30% off, spokeswoman says

Advertisement

Exterior pictures of Target store in Cloverdale Mall — A court has approved the Target liquidation. (Vince Talotta/Getty Images)

TORONTO – Shoppers can expect their local Target Canada stores to begin knocking down prices starting Thursday, after the retailer received court approval to begin liquidating its stock.

The company received the go ahead following a hearing Wednesday involving dozens of lawyers representing the retailer, landlords and suppliers. Target spokeswoman Molly Snyder said stores across the country were prepared to launch a liquidation sale that would see discounts of up to 30 per cent off regular prices. Already many Target stores have stopped carrying perishables like milk, eggs and frozen foods, Snyder said. The company is still clearing product out of its distribution centres, she added. Landlords were concerned that Target’s liquidation sales would tarnish the image of their malls and take away business from other stores who are renting space. “I think all parties are exaggerating,” Ontario Superior Court Justice Geoffrey Morawetz said. “And I mean that quite sincerely.” In addition to its remaining inventory, Target’s shelving, fixtures and equipment will also be sold. The U.S.-based retailer announced last month that it would close all 133 of its Canadian stores and lay off more than 17,000 staff, just two years after it began opening stores in Canada. Some of those reductions have already happened at its Toronto headquarters where its 770 person staff has been reduced to about 80 people, Snyder said. The company took over old Zellers locations and began to open under the Target banner in Canada for the first time in March 2013, but failed to deliver on customer expectations.

Comments Cancel reply

Related Articles

A collage of screenshots of money movies from streaming platforms

25 money movies (that actually stream in Canada)

As part of MoneySense’s 25th-anniversary celebrations, we’ve rounded up 25 notable and highly entertaining financial flicks. Grab the popcorn!

25 money movies (that actually stream in Canada)

A Canadian woman at home, looking at her loan options online, including secured vs unsecured loans.

Secured loans vs. unsecured personal loans: Which should Canadians get?

Before taking out a loan, learn the differences between these two types, which has better interest rates, and which...

Secured loans vs. unsecured personal loans: Which should Canadians get?

Canadians turn domestic for holiday travel

A weak loonie is discouraging U.S. trips, as extra flight capacity north of the border pushes domestic prices down....

Canadians turn domestic for holiday travel

Shoppers on Sainte-Catherine Street in Montreal on Black Friday

What’s included in Canada’s GST holiday—and how not to overspend

The temporary tax break will save Canadians money, but financial experts caution shoppers to do the math and avoid...

What’s included in Canada’s GST holiday—and how not to overspend

Food inflation: Canadians to spend $801 more on food in 2025

Food prices are likely to increase by 3% to 5% in 2025, but wild cards like climate change and...

Food inflation: Canadians to spend $801 more on food in 2025

Parents cook with their two young kids

How your family can save on groceries and more with Moi Rewards

How your family can save on groceries and more with Moi Rewards

How to recognize delivery scams during the holidays and Canada Post strike

Delivery scams are on the rise amid the Canada Post strike and holiday shopping season. Here’s how to identify...

How to recognize delivery scams during the holidays and Canada Post strike

A car parked at an EV charging station

Fewer Canadian drivers planning to buy an EV or hybrid

A new EY survey has found that demand for EVs and hybrid vehicles has dropped slightly, with drivers citing...

Fewer Canadian drivers planning to buy an EV or hybrid

A Canadian buying a car and getting approved for a personal loan.

How to buy a car in Canada and get the best loan rate

Buying a car is a big deal. Understand the financial part of the purchase and, hopefully, save yourself some...

How to buy a car in Canada and get the best loan rate

Canadian man shopping with a friend for a major purchase (stove) and wondering which is better: personal loan vs. line of credit?

Personal loan versus line of credit: Which should you choose?

Need the best interest rate? Want fixed payments or flexibility? Find out the differences between personal loans and lines...

Personal loan versus line of credit: Which should you choose?