Chatham-Kent businesses are for the most part clear from fallout of Target Canada’s bankruptcy filing last week.
The only Chatham firms listed among the 1,800 creditors named are Union Gas ($51,046) and Ontario 2361785 a numbered company that operates out of the Thames Lea Mall to which $16,148 is owed.
Unico, a Ruthven (Essex County) based Mediterranean food supplier is owed $26,665.
The U.S. retail giant owes Canada Revenue more than $12 million and owes the cities of Barrie ($193,433), Cornwall ($59,000) and Winnipeg ($14,153).
Among the largest amounts outstanding are Sobeys $3,078,631.
Alvarez & Marsal Canada has been named monitor in the proceedings that will see the closure of 133 stores and layoffs of 17,600 workers less than two years after Target entered the Canadian market.
You can find a full list if you click here to go to the company’s website.
The site shows that Target Canada owes CPP Investment Board Real Estate almost $8.4 million, $4.2 million to Warner Bros. $3.6 million to Hasbro Canada, $3.1 million to Sobeys, Starbucks Coffee Canada $1,9 million and Kimberly-Clark $1.2 million.
Target has set up a $70 million fund to provide severances for its workers. Fortune magazine has reported outgoing Former Target CEO Gregg Steinhafel, under whose watch the company moved into Canada, was paid $62 million US in cash, stock options and retirement funds when he resigned last year.
Wow. Huge company did a wonderful job of market research? Thanks for visiting Canada Target…and running up the huge bill! Don't let the door hit you in the a$$ on the way out.
Actually, the $70 million is not actually severance. It might cover the worker up to the last day of work. Severance is here is some money and now you're done. Just happened to be reading about this other day. It was also announced the managers will receive huge bonuses; apparently more than what an employee would earn in an entire year. sigh
Speaking of Sobey's heard they were going to closing too; but opening Freshco/discount grocers instead. Anymore word on this?