TORONTO – Target will seek court approval this week to allow a group of liquidation companies to sell off the contents of its Canadian stores.
The U.S.-based retailer announced last month that it will be closing all 133 of its Canadian stores and laying off more than 17,000 staff, just two years after its highly anticipated launch north of the border.
According to court documents, the retailer will ask the court on Wednesday to issue an order allowing the liquidation. In exchange for their services, the liquidation companies will receive a percentage of the sales.
The liquidation sales could begin as early as Thursday, depending on when the court order is granted.
In addition to inventory, furniture and equipment will be sold off as well.
Court files specify that the liquidation companies are not to advertise the sales as “bankruptcy” or “going out of business” sales.
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