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Dozens of eager dealhunters braved the elements early Thursday morning to line up outside some Ottawa Target stores to take advantage of the companies Canadian bankruptcy and score a few deals.
Target received approval from Canadian bankruptcy courts on Wednesday, allowing the retailer to begin liquidating stock at its 133 Canadian locations.
Several Ottawa locations were buzzing as sale signs went up in the windows of the stores promising savings of as much as 30 per cent on some items. Shoppers at the Target location in Orléans tweeted that the store was so busy, there were no shopping carts left for customers to use.
Target announced last month that it will be closing all its Canadian stores and laying off more than 17,000 staff, just two years after its highly anticipated launch north of the border.
Thanks to a $1.8-billion real-estate deal that Target cut with former Canadian retailer Zellers in 2011, the American chain was able to open large stores in key locations across Canada, including several in the Ottawa area.
But shoppers were disappointed to find 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.
In addition to remaining inventory, furniture and equipment will also be sold during the liquidation sale. The proceeds will go to creditors owed more than $5 billion.
Court files specify the liquidation companies are not to advertise the sales as “bankruptcy” or “going out of business” sales.
More to come
vpilieci@ottawacitizen.com
Twitter.com/vpilieci
查看原文...
Target received approval from Canadian bankruptcy courts on Wednesday, allowing the retailer to begin liquidating stock at its 133 Canadian locations.
Several Ottawa locations were buzzing as sale signs went up in the windows of the stores promising savings of as much as 30 per cent on some items. Shoppers at the Target location in Orléans tweeted that the store was so busy, there were no shopping carts left for customers to use.
Target announced last month that it will be closing all its Canadian stores and laying off more than 17,000 staff, just two years after its highly anticipated launch north of the border.
Thanks to a $1.8-billion real-estate deal that Target cut with former Canadian retailer Zellers in 2011, the American chain was able to open large stores in key locations across Canada, including several in the Ottawa area.
But shoppers were disappointed to find 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.
In addition to remaining inventory, furniture and equipment will also be sold during the liquidation sale. The proceeds will go to creditors owed more than $5 billion.
Court files specify the liquidation companies are not to advertise the sales as “bankruptcy” or “going out of business” sales.
More to come
vpilieci@ottawacitizen.com
Twitter.com/vpilieci
查看原文...
