Right from the getgo it was obvious they couldn't provide any more than what Zellers did. Zellers worked well, if something ain't broke don't "fix" it. Even the renovations to the old Zeller's store in Vernon was a total f**kup.
TKO Target can't handle the Canadian market
- Thread starter Angstrom
- Start date
Right from the getgo it was obvious they couldn't provide any more than what Zellers did. Zellers worked well, if something ain't broke don't "fix" it. Even the renovations to the old Zeller's store in Vernon was a total f**kup.
Target Canada owes billions to long list of creditors
Insolvent Target Canada owes billions of dollars to a long list of companies – big and small – including such familiar names as Procter & Gamble, Mattel and Nestle.
And it owes Canada Revenue Agency more than $12-million and various amounts to various provincial and municipal governments.
The list of creditors was posted online on Wednesday on the website of Alvarez & Marsal Canada, the monitor overseeing Target Canada’s court proceedings. Last Thursday, Target said it will close all 133 of its Canadian stores by May and let go 17,600 employees, just two years after its arrival in Canada.
Target Canada received court protection from its creditors after revealing it had sunk $7-billion into its operations here but couldn’t see a quick path to profit. The chain’s U.S. parent Target Corp. was no longer willing to pour money into its Canadian division, whose research found that it wouldn’t break even for at least another five years, according to court filings.
Much of Target Canada’s amounts owing are in the thousands or tens of thousands of dollars per creditor, but some are noticeably larger. Target owes more than $4.2-million to Warner Bros. Entertainment Group, almost $2.2-million to Universal Studios Canada Inc. and more than $3-million to grocer Sobeys, which supplied food to the U.S.-based chain.
Target Canada owes CPP Investment Board Real Estate almost $8.4-million; Hasbro Canada Corp. $3.6-million; and Kimberly-Clark Inc. more than $1.2-million. And it owes Starbucks Coffee Canada Inc., which ran cafes in Target stores, $1.9-million.
The Canadian chain also owes Nicollet Enterprise – its parent company – $3.1-billion but will subordinate the loan facility to other unsecured creditors, the filing says. It means other unsecured creditors will get priority in getting repaid over Nicollet.
As well, the retailer is setting up a $70-million fund to provide at least 16 weeks of compensation for employees who are not required to work the full wind-down period. Liquidation sales start in the next two or three weeks.
Here is a link to the full list of the creditors.
Insolvent Target Canada owes billions of dollars to a long list of companies – big and small – including such familiar names as Procter & Gamble, Mattel and Nestle.
And it owes Canada Revenue Agency more than $12-million and various amounts to various provincial and municipal governments.
The list of creditors was posted online on Wednesday on the website of Alvarez & Marsal Canada, the monitor overseeing Target Canada’s court proceedings. Last Thursday, Target said it will close all 133 of its Canadian stores by May and let go 17,600 employees, just two years after its arrival in Canada.
Target Canada received court protection from its creditors after revealing it had sunk $7-billion into its operations here but couldn’t see a quick path to profit. The chain’s U.S. parent Target Corp. was no longer willing to pour money into its Canadian division, whose research found that it wouldn’t break even for at least another five years, according to court filings.
Much of Target Canada’s amounts owing are in the thousands or tens of thousands of dollars per creditor, but some are noticeably larger. Target owes more than $4.2-million to Warner Bros. Entertainment Group, almost $2.2-million to Universal Studios Canada Inc. and more than $3-million to grocer Sobeys, which supplied food to the U.S.-based chain.
Target Canada owes CPP Investment Board Real Estate almost $8.4-million; Hasbro Canada Corp. $3.6-million; and Kimberly-Clark Inc. more than $1.2-million. And it owes Starbucks Coffee Canada Inc., which ran cafes in Target stores, $1.9-million.
The Canadian chain also owes Nicollet Enterprise – its parent company – $3.1-billion but will subordinate the loan facility to other unsecured creditors, the filing says. It means other unsecured creditors will get priority in getting repaid over Nicollet.
As well, the retailer is setting up a $70-million fund to provide at least 16 weeks of compensation for employees who are not required to work the full wind-down period. Liquidation sales start in the next two or three weeks.
Here is a link to the full list of the creditors.
I would say tough. You wanted into the game, you laid y\er money down, now it's gone, get the fuk off the steps I'm tryin to read todays paper.
Ex-Target CEO Gregg Steinhafel's 2014 severance package ($61 million USD) is greater than the severance package for all 17,000+ Canadian Target employees combined
Target CEO's golden parachute: $61 million
Before firing Gregg Steinhafel as CEO earlier this month, Target’s board cut his pay and slashed his severance package. He would only get $15.9 million as a golden handshake, or so said a recent regulatory filing. It looked like a victory for investor activists, a real reduction in excessive CEO pay.
But it wasn’t really.
In fact, while $15.9 million represents extra pay from his termination as CEO, Steinhafel is leaving the company with four times that amount.
The golden handshake from the company includes cash severance, accelerated vesting of some equity awards, and certain above-market interest on deferred compensation. This totaled more than $21 million. However, Steinhafel had to pay back some of the money because of a quirk involving cash paid up front rather than as part of his pension. This reduced his disclosed severance to $15.9 million.
But Steinhafel is getting much more than the initial news headlines suggested. He’s leaving with an additional $33.1 million in non-qualified deferred compensation, a sort of super-sized 401(k), and $1.2 million from a pension that he didn’t have to pay back. Also not included in the headline figure endorsed by Target <a class="exit_trigger_set" href="http://fortune.com/company/tgt/"> TGT 0.38% are Steinhafel’s stock options that he can continue to exercise over the next five years. Some are underwater, but even at today’s depressed stock price these are worth $10.8 million.
Thus Gregg Steinhafel’s full walk-away package is $61 million.
more
Target CEO’s golden parachute: $61 million - Fortune
They should have invested more wisely and signed a better contract, why didn't they engage lawyers? Before you start the Bently in the morning you check your chute, ya don't go to work without one. Where were these seventeen thousand people educated.?
LOL a -1 from insulting Target CEO's now..
What's the problem Walter (AKA Walmart)
Quit being such an ignorant corporate *****.
BTW, I found your PIC online.
What's the problem Walter (AKA Walmart)
Quit being such an ignorant corporate *****.
BTW, I found your PIC online.
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What was so nice about them??
Are they like the European Bidet, sprays water up your woowoo??
Target cannot blame its employees either I found them to be among the best.
I didn't go there at first but decided to give them a chance. The company at
the top didn't perform. They took Canadians for granted, they didn't bring the
US atmosphere, stock problems and the people in Zellers and other outlets
they replaced the employees were not given a chance to really compete for the
jobs.
In one case they didn't keep a Zellers manager cause he didn't have a university
degree. A socond person had loads of experience no degree. Result both the
guys they hired are managing stores in the same city and both doing well.
I feel sorry for the employees who really tried the management sucked and the
wrong people pay
I didn't go there at first but decided to give them a chance. The company at
the top didn't perform. They took Canadians for granted, they didn't bring the
US atmosphere, stock problems and the people in Zellers and other outlets
they replaced the employees were not given a chance to really compete for the
jobs.
In one case they didn't keep a Zellers manager cause he didn't have a university
degree. A socond person had loads of experience no degree. Result both the
guys they hired are managing stores in the same city and both doing well.
I feel sorry for the employees who really tried the management sucked and the
wrong people pay
One thing I did find in the Vernon store on some occasions was help was quite sparse when you needed it, sometimes they were short on stock to the point of not having all sizes. I did however buy a good wallet there at a reasonable price. A restaurant in the store may have helped.
The former CEO of Target in Canada will receive compensation of $61 million USD (over $75 million CDN), which is more than all the employees of the 133 stores will receive in severence. Ain't American capitalism grand?
Has anyone ever stopped to think that maybe there are just too many stores vying for too few dollars? After all we keep hearing that a huge percentage of Canadians are just one pay cheque away from bankruptcy. 
Has anyone ever stopped to think that maybe there are just too many stores vying for too few dollars? After all we keep hearing that a huge percentage of Canadians are just one pay cheque away from bankruptcy.
You're suppose to have at minimum 3 months of bills and rent/mortgage saved up in case of emergency.
How many people have that??
Very few that I know. I was just thinking today that everyone who owns a house should have $10,000 in an account just to cover emergencies that happen out of the blue, I just replaced a hot water tank, luckily I did have the cash.