Liquidation team announced for Target Canada's closing

It’s the end of an era that never really began for Target Canada as three of the biggest names in the asset disposition world begin store closing sales at Target’s 133 Canadian locations.

 

Gordon Brothers Group, Hilco Global and Great American Group were the successful bidders at a Jan. 27 auction and secured approval from Target Canada and an order from a Canadian court to manage the store closing process for Target’s 133 Canadian locations.

 

"The appointment of Gordon Brothers Group, Hilco Global and Great American Group is an important step in Target Canada's pursuit of a fair and orderly wind down under the CCAA (Companies' Creditors Arrangement Act) process. Our team members have been working incredibly hard to prepare and our guests are eagerly awaiting the upcoming sales," said Aaron Alt, CEO of Target Canada.

 

In addition to merchandise sales, Target is offering other retailers the opportunity to capitalize on its ill-fated decision to enter the market by selling select fixtures, furnishings and equipment in the stores and distribution centers.

 

"This is a tremendous opportunity for consumers to take advantage of truly compelling discounts on a spectacular assortment of products. We encourage consumers to shop early to take advantage of the best selection of products and great savings available throughout the stores,” according to a statement attributed to an unidentified spokesman for the liquidation consortium.