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Expert Analysis

A New Target For Distressed Investors

Law360, New York (March 2, 2015, 10:46 AM EST) -- On Jan. 14, 2015, Target Corp. ("Target US") announced the exit of substantially all of its Canadian operations less than two years after opening its first Canadian stores in a strategic push to operate at least one store in every province of Canada. The following day, on Jan. 15, the Ontario Superior Court of Justice (Commercial List) in Toronto granted Target Canada Co. and certain other wholly owned subsidiaries of Target US[1] (collectively, "Target Canada" or the "debtor") protection under the Companies' Creditors Arrangement Act (Canada) R.S.C. 1985, c. C-36, as amended ("CCAA") to orderly wind down and liquidate its Canadian operations....

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