Target stores are closing!

[TedD]

[Carrs Landing Viking]

Sears Canada will be the next retailer to close its doors here, as they are also bankrupt.

As far as Target is concerned , I think most people saw their demise the day they opened.

[oneh2obabe]

TORONTO —Goodlife Fitness will look at former Target Canada store locations as part of its growth strategy, says its founder and chief executive.

A statement issued by Goodlife, a private company based in London, Ont., says David (Patch) Patchell-Evans thinks the Target stores would be “spacious and convenient locations.”

He also noted that Goodlife acquired 12 former Eaton’s stores in 1999, when the onetime giant of the Canadian retail industry was wound up. Goodlife says it’s aiming to have 400 fitness clubs by the end of 2015, up from about 350 this spring.

http://www.thestar.com/business/2015/01 ... rowth.html

[zerograv]

Alvarez & Marsal Canada, the court-appointed monitor handling Target Canada’s creditor protection and insolvency, has filed papers that show the retailer has total liabilities of $5.1 billion, including accounts payable of about $546 million.

The monitor has listed 42 pages of creditors that Target Canada owes money to.

The amounts include $12,036,000 to the Canada Revenue Agency, $8,372,000 to the Canada Pension Plan Investment Board, $2,674,000 to the province of British Columbia, and smaller amounts to hundreds of other creditors.


So their CEO is getting a severance of $61 million US and they are gonna f-off and not pay their tax debt or CPP contributions? I would have run target into the ground for a mil, giving them a 60 million savings!

Target US stock has more than DOUBLED since the venture into Canada. Maybe they can use that to pay off their debts. EIther Way they are still ahead of before they started into Canada.

[Thinktank]

Steinhafel earns $61 million.

Wow. You could rip out a lot of apple trees to plant grapes with $61 million.

[the truth]

so when is there BIG 5% off everything sale starting lol lol lol

[Glacier]

so when is there BIG 5% off everything sale starting lol lol lol

AKA Walmart prices sale... but without the return policy.

[Atomoa]

The ex-CEO of Target is getting a "compensation package" totalling 61 million dollars. That is the same amount as the package being offered to all 17,600 laid off workers to get them 16 weeks pay.

Apparently one man doing a terrible job and putting 17,600 people out of work is worth as much as 17,600 people doing a good job trying to make millions and millions of dollars for one man.

http://www.cbc.ca/news/business/target- ... -1.2927893

"My next gig is to become a CEO of a company, fail miserably and collect millions," a Twitter user named Tim Parent tweeted Thursday morning.

[GrooveTunes]

Target's "severance" isn't "severance" at all according to the employees. What a surprise.

http://www.cbc.ca/news/business/target-canada-workers-feel-left-in-the-dark-as-stores-close-1.2928352


No notice, no pay, no severance.....another screw the employees employer.

http://www.castanet.net/edition/news-story-131219-1-.htm#131219

[goalie]

So their CEO is getting a severance of $61 million US and they are gonna f-off and not pay their tax debt or CPP contributions? I would have run target into the ground for a mil, giving them a 60 million savings!

Target US stock has more than DOUBLED since the venture into Canada. Maybe they can use that to pay off their debts. EIther Way they are still ahead of before they started into Canada.

Why should they pick up the tab when Canadian Taxpayers can. You have to understand: only very few people can be CEOs because they are a special breed -with 20 times the intelligence of an average person.

In his defense he did resign last year before they pulled the plug on the operations but the CEO compensation packages are just criminal in North America.

[Always Sunny]

The only thing Target Canada does worse than running their stores here...running a liquidation sale.

Best discounts were on cosmetics and women's jewelry/accessories at a whopping 30% off

Most clothes and shoes were 20% while underwear/socks were only 10%

Home décor was 20% off (candles, wall art, etc.)

Furniture and home storage also only 10%

Electronics were mostly 10% except for Apple and other tablets at 5% (and noted to not be further discounted)

I was most shocked to see that food was only 10% off...get rid of it!

[Atomoa]

Target has to raise the funds to give all those millions of dollars to the CEO somehow, cut them some slack!

[Dizzy1]

The only thing Target Canada does worse than running their stores here...running a liquidation sale.

Best discounts were on cosmetics and women's jewelry/accessories at a whopping 30% off

Most clothes and shoes were 20% while underwear/socks were only 10%

Home décor was 20% off (candles, wall art, etc.)

Furniture and home storage also only 10%

Electronics were mostly 10% except for Apple and other tablets at 5% (and noted to not be further discounted)

I was most shocked to see that food was only 10% off...get rid of it!

Target has to raise the funds to give all those millions of dollars to the CEO somehow, cut them some slack!

So what is the difference between this liquidation event and the one Zellers had. Where was the grumbly grumbly back then?

Having read several articles online about "disappointed" shoppers, I have to ask myself, do people even know how liquidation's happen?

First of all, its not the company, in this case Target, that sets the prices or discounts, its the liquidation company hired that does. Second of all, its like Poker ... the goal is to loose as little money as possible, so while selection is good, you start with a small discount and increase that discount once the shelves start to empty.

Consumers are a stupid species, they don't price shop ... they just see a XX% off sign and they automatically assume they're getting a deal. Zeller's liquidation was a perfect example of this, while they were offering discounts (eventually to 40% after the initial 20% and 30%) that was based on the "original price" of the item which was quite a bit higher than it normally retailed for. Even with the 40% discount, a can of shaving cream still cost you more than it would across the street at WallyWorld or Superstore. But consumers bought into it, they packed their carts thinking they were getting great deals ... which I'm sure there were some, but the articles I needed ... would have cost me more to shop at the liquidation sale.

Now with Target, I haven't seen any prices jacked up and I managed to save a few dollars on a couple of items. But it seems that people, for some reason, were expecting hugh discounts right off the bat ... it doesn't work that way. If you want to save 50-60% off a PS4 then you gotta play the waiting game and hope that there are still some left when it hits that discount or that the liquidator decides not to pull the remaining stock off the shelf because they can get more money elsewhere.

[the truth]

drove by target on my way to work yesterday ,parking lot was full for 5%off like really?????

[kgcayenne]

On the radio yesterday morning it was discussed that the merchants surrounding all Target locations were pitching a fit over what the upcoming liquidation might do to 'cheapen' their locations and sully their reputations. It was they who petitioned the liquidators to set limits on how deep the discounts are. Target is not even allowed to bring in any new inventory (like most do in this situation) to raise more funds... all because of the neighbouring merchants.