MINNEAPOILS — Target Canada says it will complete inventory liquidation and close the last of its 133 Canadian retail stores to the public on April 12, about a month ahead of the original schedule.In addition to the store closures, the company’s three distribution centres and Mississauga headquarters have also been closed.“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,” said Target Canada CEO Aaron Alt, who added that liquidator-led fixture sales would continue at some locations.Target Corp speeds up its Canadian exit, plans to wind up all stores by mid-AprilTarget Corp to get US$1.6-billion tax break in U.S. for exiting CanadaTarget Corp considered Canadian retreat or partial closure in September, but didn’t decide for monthsMeanwhile, the court-approved real estate sales process is underway and is expected to be completed by the end of June,” Alt said in the company’s announcement Wednesday.Target Canada has been winding down its operations since Jan. 15, when it was granted protection under the Companies’ Creditors Arrangement Act.Late last month the court-appointed monitor overseeing the windup had indicated the shutdown was moving faster that originally planned and would likely be completed by mid-April.Target Corp. announced in January that it was making plans to leave Canada, saying it would take years to turn a profit after a bungled launch hurt its reputation with consumers.An inventory liquidation has been underway since February, while lawyers worked to iron out the details of Target’s departure. A variety of creditors that include landlords, suppliers and others impacted by the closures are trying to determine what will happen to money they’re owed.18:50ET 01-04-15
Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedStatus of Guyana’s labour force to be determined early 2017 – Chief StatisticianJune 3, 2016In “latest news”President commissions $160M Bureau of Statistics HQApril 8, 2017In “latest news”Jordan signs US$1.3M agreement with IDB to craft response to crime, domestic abuseDecember 23, 2015In “Politics” The Guyana Bureau of Statistics (GBS) is moving ahead with a Living Conditions Survey, among several others, with the aim being to provide the State with quantified information to guide its planning.Chief Statistician Lennox Benjamin at a recent engagement at the Finance Ministry said the Living Conditions Survey will be essential in developing a new level of current income and expenditure within the country and a new demarcation of the poverty line.The last Living Conditions Survey was conducted 12 years ago and Benjamin feels the current one is being done at an appropriate time. In 2006, it was determined that 36.1 per cent of Guyana’s population was living in conditions consistent with moderate poverty.However, since then Guyana has moved higher on the Human Development Index, now being ranked number 127 out of 188 nations. As such, this country is deemed a ‘medium human development’ nation.The Chief Statistician said consumption patterns have changed, thus the need for the survey. Another survey is for households and budgets which should give key markers for economic growth.“For household budgets, we are measuring the consumption patterns and level of expenditure of the populace as a whole, using a representative sample of the population. We last did such as exercise in 2006. It is also a major input; we will be doing a re-basing of our economy which is the base on which when we measure the performance of the growth of the economy and we need to know this before counting oil,” Benjamin remarked.“When you’re doing a household and budget survey, you are also doing a portion of that to measure our living conditions from which we derive our poverty line,” he added.These surveys were announced in September 2017 and were conducted in a three-month period. The Labour Force Survey is geared to track the labour market dynamics in the country.In March 2018, it was reported that the unemployment rate has remained relatively unchanged, falling marginally from 12.5 per cent in the 2012 census to 12 per cent at the end of September 2017.