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Target

Johnny Au said:
Some of the Target inventory cannot be shipped to the United States (especially given how many products sold at Target have French-language labels, as well as measurements being in metric only). Oh, and Target Canada sells Kinder Surprise, which is banned in the United States (since it contains a non-edible product within an edible product).

It would have been wise to consolidate all remaining Target inventory in the Greater Toronto Area to the Stockyards location, as it is the largest, least empty, and definitely the busiest.
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Labeling isn't an issue, as they can easily replace it or cover it. They can just scrap or sell the Kinder eggs and anything else that isn't legal to bring over the border to a liquidator.

Square One is another good store to consolidate into it. It was one of the better stocked stores, and is still quite busy.

Foodwatcher:

I had no idea Lumsden was a subsidiary of Sobeys. I thought it was just a supplier. Didn't realize their relationship was much closer.

A lot of the work we do here at RC never sees the light of day. That superstore concept being one of many concepts that has died.
 
gabe said:
Or join the Canadian Tire Sucks Forum http://www.canadiantiresucks.net/content/

Target still has a lot of crap to get rid of. I was in yesterday. Departments like bedding, small appliances, and the pharmacy section, the shelves were still pretty full.
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I noticed that the sign from their home office has been removed, and the building is pretty empty. You can see right through it again.
 
I was at the Vic Park/Danforth Target on the Saturday before the liquidation sale began, and it was still full of merchandise. A few empty shelves, but most were still stocked. The dairy cases were noticeably empty (since Target was not accepting new merchandise from suppliers) and the Starbucks was gone (even the fixtures).
 
Just an update to Target's Canadian departure, the numbers are in and Target has reported their loss as a result of exiting the Canadian market to be $5.1 billion USD.

http://www.businesswire.com/news/ho...-Quarter-Full-Year-2014-Earnings#.VO33JnzF-Ah

On January 14, 2015, following a comprehensive assessment of Canadian operations, Target’s Board of Directors approved a plan to discontinue operating stores in Canada. As a result of the decision, Target recorded a pretax impairment loss and other charges of $(5,105) million in fourth quarter 2014. After-tax losses from discontinued operations were $(3,600) million in fourth quarter, or $(5.59) per share, and $(4,085) million in full-year 2014, or $(6.38) per share.
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I was in Target a few weeks back and saw a CD i wanted. With the discount it came to $9, which i thought was kind of high. Later on that day i went to HMV and found the same CD regular price for $10!! I don't recall Target's cds being that expensive before the closing sale...... this is probably why.

Shoppers complain Target Canada jacked prices ahead of sales http://globalnews.ca/news/1876199/shoppers-complain-target-canada-jacked-prices-ahead-of-sales/

Target Canada raised prices on scores of products, from furniture to beauty supplies to pet food and cleaning detergents, in the days and weeks leading up to the failed retailer’s high-profile liquidation sales, a move that would maximize how much revenue was reaped from the still-ongoing sales – cash that ultimately may be recovered by Target’s U.S. parent.

Lynn Dewilde, a 57-year-old shopper at the North Village Way location in Barrie, Ont., said she bought a couch cover for $119.99 at the liquidation sale but peeled back the price tag to discover the item cost $106.99 before being raised on Dec. 13 – just weeks before Target Canada filed for bankruptcy protection.

A price check by Global News on several products at Target locations in Toronto suggests dozens of products saw meaningful hikes in cost in the immediate lead-up to Target Canada’s filing on Jan. 15. Many prices were altered on the very day of the filing.

A 2.27 kilogram bag of IAMS dog food jumped to $12.29 on Jan. 15 from a price of $9.89 set on Oct. 12. Copies of popular DVDs, such as Anchorman starring comedian Will Ferrell, jumped to $10 on Jan. 9 – six days before the filing – from an original price of $7.99 set on Sept. 27.

A wide range of other products, from Off! mosquito repellent to L’Oreal hair colour, experienced material price increases ahead of Target Canada’s liquidation sales at locations around the Greater Toronto Area.

Molly Snyder, a spokesperson for Target, declined to comment other than to say the company has handed over the liquidation process to third parties. Target said it awarded the store wind up process to three insolvency specialist firms in Gordon Brothers Group, Hilco Global and Great American Group, on Jan. 27, according to a press release. The liquidators began promotional sales on Feb. 5.

At a 10 per cent discount, the cost Dewilde paid for her new couch cover was $122.03, including tax. But the full cost of the cover before the price hike, with no discount, would still be less at $120.89.

 
Makes me sick.

From today's Toronto Star:

Target gets $1.6 B tax break for quitting Canada
Filings show tax breaks will soften $5.1B loss on the Canadian pullout, with 133 stores closing and 17,600 lost jobs.
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The SEC filing last week suggests Target will get a significant tax break in the U.S. because of its retreat from Canada.

“We have recognized a tax benefit of $1.6 billion in discontinued operations, which primarily relates to the loss on our investment in Canada and includes other tax benefits resulting from certain asset write-offs and liabilities paid or accrued to facilitate the liquidation,†Target’s filing in the U.S. states.

“We have realized the majority of these tax benefits in the first quarter of 2015 and expect to realize substantially all of the remainder in 2015,†the filing continues.

The tax breaks help offset the losses for the retreat from Canada, estimated at $5.1 billion.
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yeah, it's a $US tax break but I have to wonder how many American workers will also suffer as a result of Target's blunder into Canada.
 
Ex-Montreal Girl said:
yeah, it's a $US tax break but I have to wonder how many American workers will also suffer as a result of Target's blunder into Canada.
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So far, there have been 3100 job cuts at the U.S. head offices in Minnesota, largely attributable to the Canada fiasco. Suppliers in the U.S. will also feel the pain. Basically, Target is screwing over lots of people.

AlvinofDiaspar said:
Tax breaks for businesses that failed to perform? I think that's a good case study of public risk, private profit.
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Yeah. As I understand it (no expert on the U.S. tax code), they simply get to offset some of their business losses against corporate taxes otherwise payable in the U.S. But, yes, you are right that American taxpayers are underwriting the Canadian debacle.
 
Retailers should know by next week who is snapping up which properties. Canadian Tire has been looking into 16 locations. There are about 40 locations that are expected to remain vacant for years or be chopped up into smaller retail units as there has been a lack of interest overall. From the sounds of it, no major foreign retailers are bidding for any of the spaces.
 
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Wonder if Simon's is interested in snapping any up... They would be a good fit for Erin Mills Town Centre
 
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