Target Canada Co.

Target in connection with the wind-down of its Canadian operations under the Companies’ Creditors Arrangement Act

Client

Target Canada Co.

Value

Over $850 million

Service

Insolvency and Restructuring

Date Closed

Industry

Retail

Lead Office

Toronto

Target Canada insolvency


In November 2014, discount retailer, Target Canada Co. announced the orderly wind-down of its Canadian operations pursuant to proceedings under the Companies’ Creditors Arrangement Act. The wind-down included the closure of 133 retail stores across the country and the sale of its real estate portfolio and inventory. In addition, a $95 million employee trust was created to ensure Target Canada employees received a minimum of 16 weeks of compensation, including wages and benefits coverage for employees who were not required for the full wind-down period. This trust was established to benefit over 15,000 Canadian workers and described by the media as “unprecedented” and “never seen before”.

Osler represented Target with a team that included Tracy Sandler (Insolvency), Heather McKean (Real Estate), Jeremy Dacks (Litigation), Andrea Lockhart (Insolvency), Shawn Irving and Robert Carson (Litigation), Shelley Obal and Jacqui Code (Research), Sven Poysa (Labour), Monica Biringer and Greg Wylie (Tax), Andraya Frith and Christine Jackson (Commercial), Adrian Hartog, Ryan Nielsen and Sandy Yeung (Real Estate).