Target Canada files application for protection under the Companies’ Creditors Arrangement Act
News and updates
I’ll be tracking the Target Canada CCAA application and providing updates in this space on how it affects employees in NL.
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With the announcement that Target Canada has filed an application for protection under the Companies’ Creditors Arrangement Act (the “CCAA”), the big question for people from Newfoundland and Labrador is how is it going to affect the jobs and lives of those who work for Target Canada.
Keep an eye on this space as I will be updating it as the court proceedings develop and more becomes known.
February 5, 2015:
LIQUIDATION SALE STARTS TODAY, THURSDAY FEBRUARY 5TH, ACCORDING TO THE NATIONAL POST.
February 2, 2015:
Contact information for the court-appointed employee representative counsel can be found here:
REPRESENTATIVE COUNSEL CONTACT INFORMATION
January 15, 2015:
Right now Newswire is reporting that the court application is seeking to appoint Alvarez and Marsal Canada as Monitor in the CCAA proceedings to oversee the liquidation process.
The court application says that stores will remain open during the liquidation process and Target Canada has proposed a $70 million Employee Trust to help ease the transition for its employees.
Here are some links with more information:
TARGET CORPORATION ANNOUNCES PLANS TO DISCONTINUE CANADIAN OPERATIONS – NEWSWIRE
TARGET CORP TO EXIT CANADA AFTER RACKING UP BILLIONS IN LOSSES – FINANCIAL POST