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.
Meanwhile, 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 than originally planned and would likely be completed by mid-April.
Target announced in January 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.
