Target Ends Retail Operations In Canada

Target Corporation announced its plans to stop operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co. As part of the business cessation process, Target Canada filed for protection under the Companies' Creditors Arrangement Act with the Ontario Superior Court of Justice in Toronto. At present, Target Canada owns and operates 133 stores across the country, employing about 17,600 people. Target is asking the court's permission to contribute C$70 million into an Employee Trust, in order to ensure fair treatment of Target Canada employees. Also, Target Canada is asking court approval for the appointment of Alvarez & Marsal Canada as monitor in the CCAA proceedings.