Target is pulling out of Canada, and that means its Nanaimo store will be closing after less than two years.
Target says it’s taken a loss of more than 2 billion dollars since expanding to Canada in 2013, with 133 stores.
Target has 4 other stores on the Island: Courtenay, Campbell River and two in the Victoria area. There are none on the Sunshine Coast
More than 17 thousand people are losing their jobs, and a lawyer appointed to represent those employees says the company is taking special steps to ensure a fair payout.
In a typical bankruptcy employees get paid out from whatever’s left after assets are sold and creditors get their share.
But, Susan Philpott of the Toronto firm Koskie Minsky, says Target’s US parent company is setting up a special trust fund to ensure employees get full payouts of at least 16 weeks pay and benefits.
Philpott says they’re also looking to get as many as 7 employees together to act as a voice for the workers in the proceedings. Target employees who need more information can visit the law firm’s website.
