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Sunday, April 26, 2015

Target’s Hasty Exit From Canada Leaves Anger Behind

Per www.globalinsolvency.com:

Wed., April 22, 2015

Target’s exodus from Canada has left gaping holes at some of the most prominent shopping centers across the country, the biggest symbol of an exceptional period of retailing turmoil, the International New York Times reported. As Target Canada closed the last of its 133 stores this month — completing the parent company’s hasty retreat from its first international expansion, a move that prompted a $4.5 billion write-down — many landlords were left holding properties whose fates are uncertain. They, along with many other creditors, argue that Target is abusing Canadian law at their expense as it leaves the country after less than two years. “There’s anger among the landlords,” said Darren Kwiatkowski, executive vice president of Shape Properties in Vancouver, British Columbia, which owns two malls where Target was a tenant. “There were high expectations from landlords and consumers when they came, but the result was only a B effort. Now they’re pushing the boundaries of the legal system for their company’s self-interest.”

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